TodayRecap Exam 1Preview Exam 2Current EventsCurrent EventsContractsWhat is a contract?Contract ScenariosScenario 1Scenario 2Scenario 3Scenario 4Four Elements of a ContractExam 1 Exam 2Legal PhilosophiesCommon LawScheduleToday•Discuss Exams 1 and 2•Begin Contracts sectionRecap Exam 1•Nice work!•Average scores•Highest scores, curvePreview Exam 2•Contracts is longest section•One take-home assignment before Exam 2•Study guide in advance of Exam 2•Same exam format (plus extra credit)Current Events•Warrants for Florida police to inspect Florida businesses•“It was a scene right out of a Hollywood movie”•Police: 1) general enforcement scheme, 2) highly regulated industry•Which court? Why? Verdict?•11th Circuit in Atlanta•“criminal raid executed under the guise of an administrative inspection is constitutionally unreasonable”Current Events•Other articles you’ve noticed?•Next class: legal issues in the news•Class participationContracts•Why study contracts?•Practical reasons•Philosophical reasonsWhat is a contract?A promise carrying an enforceable legal duty with an enforceable legal remedy for breachContract Scenarios•Jack and Jill negotiate for tickets to OSU/OU football game•Four components of a contractScenario 1•Jack pays $200. Deal!First element of a contract AGREEMENTScenario 2•Have the tickets! I’m going to the beach!Second element of a contract CONSIDERATIONScenario 3•Jack pays $1,000 after long dinner.Third element of a contract CAPACITYScenario 4•Jack pays $100 and solves a car problem.Fourth element of a contract LEGALITYFour Elements of a Contract•Agreement•Consideration•Capacity•LegalityExplore and apply nuancesExam 1 Exam 2 •Four schools of legal thought•Common lawLegal Philosophies•Philosophies applied to contract law:•Natural Law•Legal Realism•Historical Approach•Positive LawCommon Law•Contract law is largely common law•Judge-made law, stare decisis, precedent•LSB 4323: Law of Commercial Transactions (Uniform Commercial Code, UCC)Schedule•Thursday: finish chapter 11•Next week: chapters 12 and
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