1 Mutual Agreement Chapter 10 Chapter 12 2 Consideration Chapter 14 3 Capacity Chapter 13 4 Legality Chapter 9 Chapter 9 Unilateral vs Bilateral Classification of a Formal vs Informal 10 12 questions 4 6 questions 4 questions 1 question 7 questions Contract Express stated vs Implied in fact vs Implied in Law Chapter 15 Chapter 17 Chapter 19 Chapter 20 Chapter 23 Executed vs Executory Common Law Contracall contracts other th unjust enrichment keeping of a gift without offering compensation to another when compensation is reasonable expected UCC 4 elements of a contra uniform commercial code 3 Legality 4 Capacity Mutual Agreement assentConsideration Mutual Assent Chapter 10 Offer Acceptance Contract 2 Definite Offer 3 Communicated has power of accepta Offeree 8 ways to Terminate a Offer 2 Revocation 3 Rejection 5 counteroffer 6 Destruction of Subject matter 7 Subsequent illegality 8 Acceptance revocation take it back lapse of time time subsequent illegality acceptance someone else accepting the offer Acceptance Rule Effective Moment Silence doesn t constiUnder CL No such thing as firm 2 requirements must honorable mention Counter offer effective when recieved in the mail to keep open make an option contract Chapter 18 Chapter 11 2 3 questions 1 question 10 questions 2 3 questions 5 questions Valid Void Voidable and or unenforcable Chapter 11 Undue Influence Duress Mistake Fraud Forbearance offeror offeree Conduct Invalidating Assent Free will to contract is taken away coercion Unilateral and Mutual Mistakes False statement of fact not opinions or sales talk giving something up promisor promisee unjust enrichment keeping of a gift without offering compensation to another when compensation is reasonable expected Legality Capacity Chapter 12 Consideration 1 Legal Sufficiency quality 2 Legal Adequacy quantity revocation take it back lapse of time time acceptance someone else accepting the offer Consideration In order to modify a contract CL Legally Sufficient Legal Detriment Legal Benefit Adequacy of consideration Consideration must confer a legal benefit and suffer a legal detriment You need additional consideration The consideration for the promise must be either a leg 1 The doing of or the undertaking to do that which the promisee was under no prior legal obligation to do that which the promisee was under no prior legal obligation to The promisor obtains that which he she had no prior legal right to obtain have freely agreed to the exchange The inducement to make a promise enforceable Free will to contract is taken away Chapter 13 Illegal Bargains Legality Illegal bargains are If you take part in illegal activitiy that s part of a contract it isn t a contract VOID Convenants to not C Agreement to refrain from enteNo consideration involved but can slap an i Exculpatory Clause Provision Shed liability Not worth much you can t get contract price back but disclaims to Chapter 14 Contracts with minors Necessaries Voidable Drunks and Incompetents Contractual Capacity Valid as to the adult Voidable as to the minor Food Shelter Clothing minor may disaffirm at any time before age 18 or a reasonable time thereafte and incompetents may be valid void or voidable Minor infant majority adult reaffirm disaffirm ratify necessity restore The consideration for the promise must be either a legBuzzwords 1 The doing of or the undertaking to do that which the promisee was under no prior legal obligation to do that which the promisee was under no prior legal obligation to The promisor obtains that which he she had no prior legal right to obtain The inducement to make a promise enforceable If you take part in illegal activitiy that s part of a contract it isn t a contract Oral Contracts No consideration involved but can slap an i Not worth much you can t get contract price back but disclaims to2 Any contract dealing with the sales or lease of real estate real pr Chapter 15 Contracts that must be in writing Contracts in Writing Just as valid and enforceable as written unless Ch 15 the statute 1 any contract to pay answer the debt or perform the obligation of an 3 Any contract where the performance can t be complete within one year 4 any promise made upon consideration of marriage 5 UCC 1 The doing of or the undertaking to do that which the promisee was under no prior legal obligation to do that which the promisee was under no prior legal obligation to 2 Condition Subsequent minor may disaffirm at any time before age 18 or a reasonable time thereafte Minor infant majority adult reaffirm disaffirm ratify necessity restore Performance Breach and Discharge Terminating a Contract Chapter 17 3 ways to terminate aPerformance Breach and Discharge Breach Substantial Performance Discharge Conditions anything less than complete full performance isn t a MATERIAL breach subsequent and concurrent 1 Condition Precedent 3 Concurrent Conditions price cost of performance Subsequent illegality Bankruptcy Statute of Limitations Mutual Agreement Just as valid and enforceable as written unless Ch 15 the statute 1 Benefit of your Barall you recover for breach of contract in the form of damages is 1 any contract to pay answer the debt or perform the obligation of an2 Specific Performanask the court to make a party perform contract as agreed 2 Any contract dealing with the sales or lease of real estate real pr 3 Rescision 3 Any contract where the performance can t be complete within one year 4 any promise made upon consideration of marriage cancelation of the contract return at purchase price Chapter 18 Contract Remedies Terminating a Contract New additional or different terms NADs become part of the contract Sales and Leases UCC UCC deals with the sale of goods 1 Dealer in particular type of goods 2 Specific Knowledge Stocks are not Movible tangible personal property considered goods Title of goods transfered from seller to buyer for a price The price can be money othe contract in sale of goods Grossly unfair Chapter 19 Merchant Goods Sale Good Faith and fair Dealings Unconscionability Output and Requiremesell entire output to single buyer or buyer buys entire requirements from one seller Acceptance no mirror image rule Open Price Definiten can still have contract in UCC without just one price OR quantity Consideration Statute of Fraud UC 500 or more is not enforceable unless there is some writing or r Invitation for offer Offer vs invitation for offer Intent contract Offer Acceptance CL Intent 4 types of contracts need to be in