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FSU BUL 3310 - Study Guide

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Contracts- “the language of Business” - A legally enforceable documentAgreements:Social Agreement:As seen in the following example, sometimes lines are blurred:Agreements in Marriage:In Florida, a pre or postnuptial agreement must be a formal agreement (on the test)Rights can be waived to property, shares, etc.Catherine zeta Jones and Michael Douglas EXAMPLEESSENTIALS OF A CONTRACTa. Objective Theory of Contracts (“Meeting of the minds“)2. Obligation - Legal DutyTypes of contractsA. Express Contract – agreement manifested in words (oral or written)B. Implied Contract – agreement manifested by conductC. Unilateral Contract – promise for an actD. Bilateral Contracts – a promise for a promise [2 promises] (Most contracts are bilateral)E. Executory Contracts – not yet performedF. Executed Contracts – completely performedElements of a valid contract (VERY IMORTANT)A. Mutual assent (offer and acceptance)- both agree on same thing/terms/time.B.Consideration – the bargained for exchange (what I give to you and what you give to me)C. Capacity (ability to make a contract)D. LegalityEssential elements of the offer:B. Essential terms must be certainC. Promise must be communicated under circumstances which manifest present, serious contractual intentTermination OF OfferA. Expiration of Time specifiedB. Rejection- express refusal, counter offer, conditional acceptanceC. Revocation- the offer is off the marketOption Contracts are a way to keep the offer open while you think about itD. Death/insanity of offeror or offereeE. Supervening Illegality- A law is enacted making the offer illegalF. Destruction of Subject MatterACCEPTANCEa. Who may Accept the offer?A. Conformity – acceptance must conform to offerB. Conduct as acceptanceC. Silence does NOT generally constitute acceptanceReality of ConsentA. Central Issue: was acceptance of K (contract) offer real and voluntary; was there real consent?B. Consent may be vitiated (rendered null& void) by:C. A K induced by misrepresentation, fraud, duress, undue violence, or mistake is voidable at the election of the injured party (with specific action).CASE: Besett v. BasnettConsiderationA. definition- The bargained-for exchangeB. Unlike bargained-for promises, gratuitous (gift) promises are NOT enforceable.CapacityA. Sources of Incapacity (defenses if sued for breach of K)B. General Rule- Ks of infants are voidable at his election; minor has option to rescind his/her KC. Necessaries- infant is liable for the reasonable (fair market) value of necessaries furnished to him.D. Ratification (Affirmance)- upon majority or thereafterE. Avoidance (Disaffirmance)- before majority or within a reasonable time thereafter.F. Misrepresentation of AgeG. Insanity- inability to understand the nature and consequences of one’s actions (due to mental disease/defect)H. Intoxication: inability to understand the nature and consequences of one’s actions (due to the influence of drugs or alcohol)EmancipationThe Age of maturity can be blurred:IllegalityA. SourcesB. Public PolicyC. Statute- with thousands of statutes, if a K violates any that K is void1. The following obligations must be in writing to be enforceable.electronic commerceStatute of limitationspfizer Guest speaker: chuck hardwickChuck Hardwick controlled and managed:Issues that complicate and lead to a job decisionMost important thing from his lectureCONTRACTS- “THE LANGUAGE OF BUSINESS” - A LEGALLYENFORCEABLE DOCUMENT-“Legally enforceable” means that when a person fails to live up to the agreement: If a person doesn’t keep promises of agreement, you can take them to court - to force action or so for value and any damages. The injured party can sue the other party for breach of contract.-K is used to symbolize a contract- A MAXIM ABOUT THIS SUBJECT: “HE WHO SEEKS EQUITY, MUST DO EQUITY.”There are agreements and there are contracts, all contracts are agreements, however not all agreements are legal contracts. AGREEMENTS: Some agreements are not legally enforceableExample, illegal contracts: An Administrator suspected a student of cheating during an exam, the student knew there was a good chance he was going to get into big trouble or expelled for cheating, so he put a hit out on the administrators head. The scheme was found out, so the student and the hitman were arrested. - If the plan went through and the student refused to pay, the contract was illegal so the hit man cannot sue his client. - It’s like if someone sold you drugs, and gave you less than you paid for, you couldn’t bring it to court, you would have to solve the problem yourself or be SOL. SOCIAL AGREEMENT: *MOST* Are not recognized by lawEx: If you agreed to meet a friend @ a baseball game, but was stood up, and you were left to the baseball game all alone. [Would claim emotional damage, or hurt feelings :*( ]-> Courts do not address this breech of social obligations, this aims to prevent an avalanche of legal cases of hurt feelings.HOWEVER: Marriage is respected by the law. (there are Social agreements that are recognized by the law.) but what about before marriage, you can’t sue for backing out of a marriage.but the caterer, the band, the minister, the flowers, the contracts for these things are business so they are recognized and you will be liable for compensation.AS SEEN IN THE FOLLOWING EXAMPLE, SOMETIMES LINES ARE BLURRED:•A young girl was asked to prom by a young man. She bought an expensive dress and shoes and hadappointments for pedicures, hair, etc. made. He called and canceled the night before. This case wentto court and eventually settled.- This wasn’t just a social agreement because there was money spent.AGREEMENTS IN MARRIAGE: Nuptial - relating to the marital relationship, pre- before the contract, before marriage, Post- the contract after the marriage. Example, royal finances: Will Kate sign prenup? The prince was advised to get a prenup by James Stewart, British Courts agreed to recognize deals after a row of high profile divorce awards.LONDON NOW HAS THE REPUTATION OF THE “DIVORCE CAPITAL OF THE WORLD”Prenups: popular with blended families, settles matters of finances especially when one has substantial finances assets. (Donald Trump)- In blended families there may be: Children from previous marriages.IN FLORIDA, A PRE OR POSTNUPTIAL AGREEMENT MUST BE A FORMAL AGREEMENT (ONTHE TEST)o In writingo Signedo Two witnessesRIGHTS CAN BE WAIVED TO PROPERTY, SHARES, ETC.o Meaning, if you


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