New version page

FSU BUL 3310 - Contracts

Documents in this Course
Lecture 5

Lecture 5

16 pages

EXAM 4

EXAM 4

8 pages

Test 4

Test 4

10 pages

Contracts

Contracts

25 pages

CONTRACTS

CONTRACTS

18 pages

Tort

Tort

21 pages

Tort

Tort

21 pages

Exam 2

Exam 2

9 pages

Exam 2

Exam 2

9 pages

Exam 2

Exam 2

13 pages

Test 4

Test 4

29 pages

Test 4

Test 4

24 pages

Contracts

Contracts

17 pages

Contracts

Contracts

17 pages

Contracts

Contracts

22 pages

Contracts

Contracts

22 pages

CONTRACTS

CONTRACTS

17 pages

Exam 1

Exam 1

9 pages

Exam 1

Exam 1

9 pages

Exam 1

Exam 1

19 pages

Test 4

Test 4

24 pages

Civil Law

Civil Law

28 pages

Tort

Tort

2 pages

Exam 2

Exam 2

4 pages

Load more
Upgrade to remove ads

This preview shows page 1-2-24-25 out of 25 pages.

Save
View Full Document
Premium Document
Do you want full access? Go Premium and unlock all 25 pages.
Access to all documents
Download any document
Ad free experience
Premium Document
Do you want full access? Go Premium and unlock all 25 pages.
Access to all documents
Download any document
Ad free experience
Premium Document
Do you want full access? Go Premium and unlock all 25 pages.
Access to all documents
Download any document
Ad free experience
Premium Document
Do you want full access? Go Premium and unlock all 25 pages.
Access to all documents
Download any document
Ad free experience

Upgrade to remove ads
Unformatted text preview:

Contracts Contracts)§ Definition!–!a!legally!enforceable!agreement!• Legally!enforceable!means!that!when!a!person!fails!to!live!up!to!the!agreement:!o The!injured!party!can!sue!the!other!party!for!breach!of!contract!• K!is!a!symbol!for!“contract”!in!any!legal!paperwork!• Contracts!are!a!small!subset!of!agreements,!NOT!all!agreements!are!contracts!o Not)every)agreement)is)legally)enforceable)§ Illegal!agreements!are!NOT!enforceable!!ú Ex.!a!student!was!caught!cheating!in!the!law!school!!• The!dean’s!office!was!aware!of!the!cheating!• The!student!hired!a!hit!man!to!kill!the!dean!• If!the!hit!man!had!finished!the!job!and!the!student!refused!to!pay:!o The!hit!man!would!not!be!able!to!sue!because!their!agreement!is!NOT!legal!ú Ex.!gambling!contracts!are!also!illegal!and!are!NOT!legally!enforceable!§ Social!agreements!are!NOT!legally!enforceable!ú Ex.!if!you!make!a!date!with!someone!and!don’t!show!up,!you!cannot!sue!them!ú This!is!because!we!want!to!prevent!an!avalanche!of!legal!cases!over!hurt!feelings!or!breach!of!etiquette!ú As!seen!in!the!following!examples,!sometimes!lines!are!blurred:!• A!young!girl!was!asked!to!prom!by!a!young!man!o She!went!out!and!bought!an!expensive!dress!and!shoes!and!had!appointments!for!pedicures,!hair,!etc.!made!o He!called!an!canceled!the!night!before!o This!case!went!to!court!and!eventually!settled!o This!wasn’t!just!a!social!agreement!because!there!was!money!spent!• Another!example!would!be!a!canceled!wedding!with!a!lot!of!expenses!o In!this!case,!this!would!be!considered!a!business!agreement!in!terms!of!the!relationship!with!the!vendors!§ Prenuptial)and)postnuptial)agreements)• Nuptial!refers!to!a!marriage!• In!blended!families!o You!have:!§ The!husband’s!kids!from!a!previous!marriage!§ The!wife’s!kids!from!a!previous!marriage!§ The!husband’s!and!wife’s!kids!from!the!current!marriage!o A!prenuptial!agreement!would!address!the!needs!of!each!these!different!groups!• Wavered!spousal!rights!(surrendered!rights)!o In!Florida,!a!pre!or!postnuptial!agreement!must!be!a!formal!agreement!(def.!on!the!test)!§ In!writing!§ Signed!§ Two!witnesses!o Rights!can!be!waved!to!property,!shares,!etc.!§ Meaning,!if!you!feel!like!your!futureTspouse!is!not!entitled!to!your!house!in!the!case!that!you!divorce,!this!can!be!stated!in!a!post!or!prenuptial!agreement!o The!law!does!not!require!you!to!disclose!your!full!financial!situation!to!your!spouse!before!committing!to!a!prenuptial!agreement!§ After!you!are!married,!you!must!make!a!fair!disclosure!of!your!assets!and!financial!situation!to!your!spouse!before!making!a!postnuptial!agreement!o Famous!prenuptial!agreements!§ Prince!William!and!Kate!Middleton!ú Prince!William!is!second!to!the!throne!of!Britain!ú PreTnups!are!common!in!the!US!but!not!in!Britain!ú Most!lawyers!recommend!that!William!and!Kate!get!a!prenup!§ Catherine!zeta!Jones!and!Michael!Douglas!ú Catherine!gets!1.5!million!dollars!for!every!year!they!are!together!!ú Catherine!also!gets!money!if!she!catches!him!cheating!ú Michael!gets!all!wedding!gifts!worth!more!than!$20,000!and!his!privacy!about!the!relationship!§ Essentials)of)a)contract)• Agreement!–!manifestation!of!mutual!assent!(consent)!o Both!parties!show!that!they!agree!on!the!same!terms!on!the!same!issues!§ This!agreement!can!be!shown!orally!or!in!a!written!format!o The!objective!theory!of!contracts!“Meeting!of!the!Minds”!§ This!theory!basically!says!that!both!parties’!minds!must!agree!to!the!same!terms!ú However,!we!cannot!read!minds,!so!the!court!only!interprets!what!is!written!§ Ex.!someone!is!selling!a!horse!and!sends!a!letter!to!the!buyer!ú The!letter!states!that!he!will!sell!the!horse!for!$2,200!ú The!buyer!likes!the!offer!and!returns!a!letter!accepting!terms!and!attaches!a!check!for!$2,200!ú The!buyer!wrote!$2,200!but!meant!to!write!$2,500!ú The!buyer!sues!seller!for!breach!of!contract!ú The!seller!says!the!didn’t!have!a!“meeting!of!the!minds”!and!therefore!don’t!have!a!contract!ú If!this!were!to!go!to!court,!the!court!can!only!base!this!on!what!was!objectively!manifested!• In!this!case,!what!was!written!in!the!letter!because!we!cannot!read!minds!or!hearts!and!the!$2,200!sale!is!a!contract!• Obligation!–!legal!duty!o A!contract!must!have!a!legal!commitment!§ Ex.!social!or!illegal!provisions!do!not!constitute!a!legal!commitment!§ Types)of)contracts)• Express)Contract!–!agreement!manifested!in!words!(oral!or!written)!o Ex.!agreeing!verbally!to!pay!your!friend!$400/month!to!stay!at!their!apartment!• Implied!Contract)–!agreement!manifested!by!conduct!o Ex.!at!a!dental!appointment:!§ The!dentist!finds!a!patient’s!cavity!during!the!appointment!§ The!patient!agrees!to!have!it!filled!but!did!not!ask!the!price!§ The!patient!was!asked!to!pay!$500!!ú The!patient!refused!and!argues!that!he!didn’t!make!a!contract!ú Therefore,!according!to!the!patient,!he!is!not!responsible!for!payment!§ The!dentist!argues!that!there!is!an!implied!contract!made!because!even!though!the!fees!weren’t!discussed,!the!patient!agreed!to!have!the!services!performed!ú Therefore,!the!patient!is!responsible!for!payment!§ Rule:!in!an!implied!contract,!all!the!terms!of!the!contract!are!impliedly!reasonable!ú This!means!that!the!jury!would!decide!what!is!reasonable!ú Surveys!of!multiple!dentists!of!what!a!reasonable!fee!would!be!for!filling!a!cavity,!would!help!the!jury!decide!if!the!$500!fee!is!reasonable.!!• Unilateral)Contract!–!promise!for!an!act!o Ex.!!A!reward!contract!§ I!promise!to!pay!you!$100!if!you!find!my!dog!§ This!is!different!from!a!bilateral!contract!because!it!is!not!promising!you!pay!for!looking!for!the!dog!ú It!is!only!promising!to!pay!for!the!act!of!finding!the!dog!ú Meaning,!you!can!spend!days!looking!for!the!dog!and!not!receive!a!penny!o Another!ex.!Realtor!contracts!§ Realtors!only!get!paid!if!the!sell!the!house!• Bilateral)Contracts!–!a!promise!for!a!promise!o Most!contacts!are!bilateral!§ Ex.!Employee!and!sales!contracts!are!usually!bilateral!ú As!an!employee,!you!promise!to!perform!work!tasks!in!exchange!for!the!promise!to!receive!cash!compensation!• Executory)Contracts!–!not!yet!performed!o


View Full Document
Download Contracts
Our administrator received your request to download this document. We will send you the file to your email shortly.
Loading Unlocking...
Login

Join to view Contracts and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Contracts 2 2 and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?