Test 4 Review Alvin Stauber BUL3310 01 This Study Guide is an actual study guide not just an outline of the Target Copy and a copy of class notes but actual summaries and analysis that are easy to understand All class examples that could appear on the test are included and there are a few examples that I have included that should be more relatable All of the underlined portions of FL Statutes and Case Studies from the Target Copy are copied into this study guide and summarized accordingly The Study guide is divided into three sections and follows the logical flow of the information rather than the flow of Stauber s classes though everything from pg 70 101 in the Target Copy is thoroughly covered I II III Intro to Contracts Mutual Assent Consideration Capacity Legality Anything highlighted is a definition Anything highlighted in green is review Designates information to remember Go through this packet twice If you don t get an A you didn t read it Good Luck If there are references to page numbers from 1 25 it is referencing this packet If there are references to page numbers from 70 101 it is referencing the Target Copy If you do not have a Target Copy to reference there are 3 instances when the TC is referenced you may email me SL10 my fsu edu You do not have permission to copy reproduce or distribute this text without the express written consent of the author BUL3310 Test 4 Study Guide Contracts A legally enforceable agreement There must be 1 An agreement a The objective Theory of Contracts We can only rely on what can be objectively manifested Meeting of the minds Agreeing to the same thing at the same time Ex Seller of a horse sends a letter to the buyer with an offer to sell his horse for 2200 Buyer agrees and sends the seller a check for 2200 Seller gets the check and says Wait I was trying to sell the horse for 2500 not 2200 We don t have an agreement Buyer comes back and says You made the offer in writing for 2200 it doesn t matter what you were thinking If taken to court buyer would win because it s not up to the buyer to know what the seller was thinking 2 Obligation There must be a legal duty to fulfill it a Not a moral or ethical that falls under a social agreement Types of Contracts 1 Express agreement manifested in words oral or written a Terms were exchanged b w persons 2 Implied agreement manifested by conduct Ex going to the dentist you get a cavity filled Dentist sends you a bill for 500 You re outraged no one told you he was going to charge you 500 Why else would you have shown up though 500 is a little ridiculous so you take him to court a In an implied contract all the terms of the contract must be impliedly reasonable So back to the example you argue that 500 is an unreasonable amount to get a cavity filled so you come into court with quotes from 6 other dentist offices for filling a cavity and the average is about 150 Theoretically the judge would rule that you only owe 150 instead of the 500 because that s a reasonable amount 3 Unilateral promise for an act You scratch my back Funny thing about my back though Ex Reward for a lost dog Ex Tell a real estate agent if you sell my house you ll get 6 a In Both instances it doesn t matter how much work you put in anticipation of the required act You can t say well it took me 28 days to find your dog It won t change the reward 4 Bilateral Promise for a promise most common BUL3310 Test 4 Study Guide a Each person promises something DOES NOT have to be written 5 Executory Not yet performed a futures contract 6 Executed Completely performed There s a difference between a social agreement and a business contract 5 guys make a bet amongst each other to split a season ticket for the Dolphins who are making the playoffs btw to the person that hooks up with the ugliest girl and sends a 10 second group snap chat of it One of the guys Alex wins the bet Lets be honest he lost but no one will split the season ticket He tries to take his boys to court Would never be heard in court because it is a social agreement there is no legal obligation for them to keep their word only a moral or ethical one Same thing if you tried to hold someone accountable for standing you up on a date However there was one success in Broward County Girl sued a guy for standing her up at her senior prom what a dick She won because she had spent all this money on a dress hotel limo etc on the premise that the guy was going so it ended up being more of a business agreement then a social Marriages ARE heard in court Marriages are business agreements because there are so many assets agreement that are involved Executed agreement Know the 6 types of contracts 1 Express 2 Implied 3 Unilateral 4 Bilateral 5 Executory 6 Review Know that implied contracts must be impliedly reasonable The Objective Theory of Contracts says that interpretation of contracts must only be objective what can be manifested not subjective in someone s mind An enforceable contract is one that has a legal obligation vs a moral or ethical obligation social A contract MUST have an agreement AND have legal obligation Elements of a Valid Contract 4 BUL3310 Test 4 Study Guide 1 1 4 Mutual Assent the offer its acceptance A Offer Promise to do something for something in return Essential Elements 1 A promise to render a stated performance in return for the requested counter performance a Promissory language requirement wtf Basically it s making an offer in a manner that shows serious intent oh Ex I promise to buy sell Ex I will buy sell Ex I hereby undertake the obligation to buy sell b Effect of equivocal language You re not firmly stating your intent and this would not be a valid way to create an offer sitting on the fence Ex I am thinking about buying Ex I am considering buying Ex I am contemplating buying 2 Essential terms must be certain a Avoid ambiguous language Describe with specificity what the offer is about Subject matter Who are the parties involved Must indicate Quantity How much What are the financing terms Interest rate Payback period 3 Promise must be communicated under circumstances which manifest present serious contractual interest b Must be serious a You have to TELL the person let them know somehow written oral i Ex I ll give you a million dollars if you tattoo your face You re an idiot if you actually do no one was serious Class Example Bar advertises that they will pay 5 per year for the period …
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