BMGT380 Notes Chapter 9 Contracts Contracts 4 Elements Agreement o Offer o Acceptance Consideration 10 04 2012 o Giving something of value o Suffering of detriment Capacity rights o If you do lack capacity Mental incapacity o Ability to incur legal obligations or ability to exercise legal If you are a minor you cannot incur legal obligations Legality The object of the contract has to be legal A contract that is enforceable is one that you can you to court and sue on A contract is not enforceable if it is not SOF Statute of Fraud o Certain contracts need to be in writing ex Land marriage pre nuptial agreement A contract is not enforceable if it is outside the Statue of Limitations SOL If someone violates a contract you must sue within the statue of limitations MD 3 yrs VA 2 yrs A contract under seal is referred to as a specialty Two Types of Contracts Unilateral lawn Bilateral o An offer made by one person to the world accept by performance ex I will pay someone 10 dollars to cut my o Two parties involved Valid Contract Includes all 4 elements of the contract Voidable One of the parties of the contract can say that they are backing out of a contract Disaffirm a contract saying no Unenforceable SOF SOL Void Void Ab Initio A contract that is void from the outset UCC Uniform commercial code Title 2 Deals with sales Title 9 Deals with secure transactions Estoppel its broadest sense is a legal term referring to a series of legal and equitable 1 doctrines that preclude a person from denying or asserting anything to the contrary of that which has in contemplation of law been established as the truth either by the acts of judicial or legislative officers or by his own deed acts or representations either express or implied Unjust enrichment Inequitable for a party to retain the benefit of a certain transaction Quantam Meruit The value of the work done Carbolic Smoke Ball Case Elements Promissory Estoppel 1 Defendant made certain promises 2 defendant should have expected that plaintiff would rely on such promises 3 the plaintiff did in fact rely on such promises to her detriment and 4 injustice can be avoided only by enforcement of the promise 3 types of Fees Contingency Fee Paying attorney percent of what they win Hourly Rate Flat fee cases 10 04 2012 10 04 2012
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