Contract Fundamentals

Published on Apr 17, 2017

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PRESENTATION OUTLINE

Contract Law Fundamentals

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Some Hypotheticals

  • Sue Seller lists her property for $500,000.
  • Bill Buyer, on the telephone, says "I'll buy it for $500,000"

Some Hypotheticals

  • Sue Seller lists her property for $500,000
  • Bill Buyer, in writing, states he'll buy it for $480,000

Some Hypotheticals

  • Sue Seller lists property for $500,000
  • Bill Buyer accepts in writing, but orally tells Sue that the purchase must include the horses
  • Closing occurs but Sue takes horses with her

Elements of a Contract

  • Offer
  • Acceptance
  • Mutual Assent
  • Consideration
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Offers

  • Promise
  • Revocation
  • Advertisements

Acceptance

  • Express intent
  • Manner of acceptance
  • Communication of acceptance
  • Counteroffers
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Mutual Assent

Meeting of the Minds
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Consideration

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Capacity to Enter Contracts

  • Minor children
  • Business entities
  • Mentally incompetent
  • Statutory incapacity
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Contract Problems

  • Fraud
  • Misrepresentation
  • Mistake
  • Duress
  • Unconcionability
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Oral Contacts

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Statute of Frauds

  • Sale of real estate
  • Prenuptial agreements
  • Broker agreements
  • Leases for more than a year
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Parol Evidence

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Conditions & Contigencies

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Damages

  • Monetary
  • Specific performance
  • Recission
  • Reformation
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Statute of Limitations

Implied Contract Terms

  • Good faith
  • Reasonable time frames
  • Workmanlike quality
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Defenses to Breach of Contract

  • Acts of god
  • Illegal
  • War
  • Death
  • Strikes

Certain Contracts Are Invalid

  • Evasion of taxes
  • Criminal acts
  • Usury
  • Contracts promoting divorce
  • Before 1916 - contracts requiring execution on Sundays