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FSU BUL 3350 - Contracts

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This being law class, in good humor, I, Harrison Osle am hereby not held responsible for the outcomes of any results on any exams. I am not in any way tied to Florida State University or Professor Stauber. This study guide is simply all of my class notes and common knowledge simplified into a study guide. Good luck, and remember to review your own class notes as well.Contracts: a legally enforceable agreementClass notes pg 70-102K in the law means contracts. The diagram with the K in the circle of the Agreements shows that contracts are legally enforceable but are also a part of Agreements. By legally enforceable, it means that I could go to court and get a remedy if a contract is not honored. *what is an agreement? It is differenty from a contract because it is legally enforceable. *what kind of agreement is not legally enforceable? Selling drugs. This is an illegal agreement because the activities are illegal. Also SOCIAL agreementsThe clean hand clause: You have to come into court that the remedy you are trying to obtain for breaking a contract with clean hands, aka can’t be illegal. Social Agreements are like if I ask you out on a date and you don’t show up, I can’t sue you over that because it is merely a social agreement. Case: A student at law school heard that someone knew she was cheating. She made a contract with a hitman to kill staff person that knew she had cheated. If the hitman had followed through and wasn’t paid, he couldn’t have sued. Case: A boy cancelled on a girl for prom and she sued him for the price of the dress and the case was settled. Sometimes cases like this are ruled for favorably in small claims court because they can be business agreements- The ultimate social contract is Marriage. You can go to court for all of these things, (post, pre-nuptual agreemrents etc). - Pre-nuptual agreements can have anything in them, like Catherine Zeta Jones had with her husband that paid her $5 million every time he was to cheat. Essentials of a contract: - Agreement: manifestation of mutual assento The objective Theory of Contracts: (meeting of the minds)o Case: A seller promises to sell the buyer a horse for $2200, the buyer sends the seller a check for $2200, and the seller says that he wanted $2500. The seller says in his mind he meant to sell it for $2500, but accidentally wrote $2200. The seller quoted the manifestation of mutual assent. This went to court, and the buyer won. o The Objective Theory of Contracts: What you say and what you put down in writing means that the contract must go with what is in WRITING.o HOWEVER, remember that the law is not an enemy of common sense. If in the same case, the seller had left out the zero and sold the horse for $220, the contract would have been void because the law says that if the contract makes a mistake in which the buyer should known that it is a mistake, then the contract is voido Obligation: legal dutyTypes of Contracts:- Express: agreement manifested in words (oral or written) In law, you are allowed to have an oral contract, as long as it in words. - Implied: agreement manifested by conduct (dental appointment) o Let’s say a dentist agrees to fill your cavity, and on the way out you are charged $500, you say this is bullshit I’m not paying that, you never told me that’s how much it cost! And the dentist says, well you never asked. The dentist would win this because by sitting down, you implied you agreed to this. However: In an implied contract, all the terms of the contract are impliedly reasonable, therefore if the dentist was to charge you $60,000 to fill a cavity, you are protected because you would bring in the charges of what it costs on average to fill a cavity. - Bilateral and unilateral: o Bilateral: Promise for promise (Il give you money if you give me a book) o Unilateral: promise for action: (il give you money if you find my dog, as opposed to me giving you money for promising to find my dog. o Executory: not yet performed (in terms of a contract or agreement)o Executed: completely performed Elements of a Valid Contract:- Mutual Assent: Offer and acceptance- Consideration: the bargained for exchanged (Usually, Il give you money if you give me land, etc, or a trade works too)- Capacity: How capable you are of making a contract You have to be:  Old Enough (Usually 18, except when buying alcohol, ha!) Sane Enough: You can’t be crazy Sober enough: You can’t be high or drunk or both- Legality: Offer must be legalo Offer: if you make an offer, you are an offeror, if you are being given an offer, you are an offeree. Offer has following elements:  A promise to render a stated performance in return for the requested counter performance• Promissory language requirement: Must have the following saido I promise to buy…o I will buy…o I hereby undertake the obligation to buy… • Effect of equivocal language: avoid ambiguousness- Essential terms must be certain Avoid ambiguous language: Don’t say things like I’ll buy some of something, be specific.  Promise must be communicated under circumstances which manifest present, serious contractual intent. If I say Im going to give you a million dollars for hooking up with a girl, I don’t actually have to give it to you• Case: A bar said we’ll pay $5 if someone came in with a formidable tshirt had something with a formidable event on it, aka Woodstock shirt. It would have been $55. This kid came in with a shirt of the Magna Carta which was 765 years ago and asked form $3825, the bar lost, because their offer said IN WRITING that if someone came in with a big event on their shirt, they would pay $5 for every year. This was a serious offer. Termination of Offer:(Contracts can be null by following things):- Expiration of time specifiedo If no time specified, offer terminated after a reasonable time based on “totality of circumstances”o Sometimes things have expiration dates, like sale coupons- Rejection: express refusal, counter offer, conditional acceptanceo Rejection is effective when received by offeror- Revocation: (you are allowed to do this as long as the offer is not accepted or a time contract)o Offer is revocably at any time before acceptanceo Revocation is effective when received by offeree- Option Contract:o Sell greenacre for $25,000 (offer ends on 12/30/09) The buyer is not sure if he wants to buy it by the listed June case.  Buyer is not sure yet, and he gets into an option contract,


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