NY Contracts

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NY Contracts
2014-07-22 09:58:21
NY distinctions
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  1. unsolicited goods: are unconditional gifts.  The recipient must have ordered or requested the goods from the merchant or his agent.The recipient of unsolicited goods may use or dispose of the goods as she sees fit with no obligation to the sender
  2. option: to be irrevocable, must be made in writing, signed by offeror, and state that it's irrevocable. Does not apply to merchants, who must conform to UCC firm offer rule
  3. promise of reward: enforceable if promise was made in writing or promisor otherwise caused reward to be published
  4. infancy: the following contracts may not be disaffirmed by an infant solely on the ground of infancy:
    • i)All contracts entered into by a person 18 years or older;
    • ii)   Contracts that involve the marital home
    • iii)   Contracts for artistic or athletic services (subject to judicial approval)
    • iv) Student loan contracts entered into by a person 16 years or older; and
    • v)   Life insurance contracts by those 14½ years or older.
  5. usury (unreasonably high interest rate): unenforceable if 16% or more
  6. exculpatory clauses and limitation of liability clauses: enforceable against negligence claims, but unenforceable against willful acts or gross negligence.
  7. contractors may not engage in pay if paid contracts with subcontractors
  8. SOF: part performance doctrine: an oral contract for the transfer of an interest in real property is enforceable and does not require a writing if two of three acts happen:
    1) partial or full payment

    2) substantial improvements to the property; or

    3) possession of the property
  9. employment contracts: non-compete agreements must be:
    • reasonable in time and area
    • necessary to protect the employer's legitimate interests
    • not harmful to the general public, and
    • not unreasonably burdensome to the employee.
  10. a written promise, signed by the promisor or his agent, is not deemed invalid solely on the ground that the consideration for the promise is past or executed, so long as the past or executed consideration (i) is expressed in the writing, (ii) is proved to have been given or performed, and (iii) would be deemed valid consideration at the time it was given or performed.