Pols 3301

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Pols 3301
2010-05-03 20:13:59
Modern Day Contracts

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  1. Contracts need 3 things
    • 1. meeting of the minds
    • 2. offer and acceptance
    • 3. consideration
  2. contracts must be ___ given
  3. is contract enforceable if fraud is evident
  4. is contract enforceable if entered under duress
  5. is contract enforceable if it is unconsionable
  6. are contracts enforceable if against public policy
  7. What two people are lack the capacity to contract
    • mental disabilities
    • minors
  8. When can a contract be voided
    • 1. fraud
    • 2. duress
    • 3. unconsionable
    • 4. against public policy
    • 5. if they lack capacity to contract
  9. Which case was about contracts being unconsionable
    Williams v. Walker Thomas Furniture Company
  10. What was Williams v. Walker Thomas Furniture Co. about
    unconscienable contracts targeted African Americans
  11. How do you determine if there is true acceptance of contract
    look for actions and words that imply promise of contract
  12. Which case was about looking for acceptance of contract
    Lucy v. Zehmer
  13. What was Lucy v. Zehmer about
    looking to see if true acceptance sell of farm via napkin
  14. What things (modern day) must be in writing via Statute of Frauds
    • 1. interest in land
    • 2. goods over 500
    • 3. services that can't be performed in less than a year
    • 4. contracts and consideration of marriage
    • 5. contracts to pay someone else's debt
  15. what else can be looked at to see if acceptance existes
    can look at letters, forms, checks, receipts
  16. For non written contracts - what will court look at to see if acceptance exist
    • 1. language of parties
    • 2. course of dealings (past)
    • 3. usage of trade (how business usually handled)
    • 4. course of performanc (how you have acted)
  17. Will courts feel in "key" gaps in contract
  18. Pre-existing duty rule says you only have to finish
    the original contract
  19. How do you get out of contract (4 ways)
    • 1. fraud, minor, duress, etc
    • 2. mutual mistake
    • 3. impossibility
    • 4. breach
  20. Which case was about a mutual mistake
    Sherwood v. Walker
  21. What was Sherwood v. Walker about
    selling a cow believed to be barron, but both parties were wrong, court let them out of contract
  22. Which case was about impossibility
    Taylar v. Caldwell
  23. What was Taylar v. Caldwell about
    a dancehall that burned down and it was impossible to have dance there
  24. What case was about substantial performance instead of strict performance
    Jacob and Young v. Kent
  25. What was Jacob and Young v. Kent about
    builder using Cohoes pipes instead of Redding pipes-since no difference in products can't sue
  26. Jacob and Young v. Kent
    said that functional satisfication can't sue but can over personal satisfaction
  27. If you breach a contract can the court order you to follow through (why)
    yes, special performance for unique services or products
  28. What is an efficient breach
    when you break a contract because is good for you personally
  29. What does the Law of Economics Movement say
    you should break a contract if it is in your best interest