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Unit 6 . Contracts. Definition. An agreement between two or more parties enforceable in court. Elements of a contract. Competent parties Proper subject matter Offer Acceptance Consideration (detriment). Competent parties. Age Sound mind Exception for necessaries

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unit 6

Unit 6

Contracts

definition
Definition
  • An agreement between two or more parties enforceable in court.
elements of a contract
Elements of a contract
  • Competent parties
  • Proper subject matter
  • Offer
  • Acceptance
  • Consideration (detriment)
competent parties
Competent parties
  • Age
  • Sound mind
  • Exception for necessaries
  • Void versus voidable contracts
proper subject matter
Proper subject matter
  • Not illegal
  • Not (excessively) immoral
meeting of the minds
Meeting of the minds
  • Offer must contain material terms
    • Newspaper ads - invitation to make an offer
  • Acceptance must be unqualified
    • Qualified acceptance is a counteroffer
      • Terminates offer
    • Grudging acceptance
consideration detriment
Consideration/Detriment
  • Exchange of value
  • Need not be money
types of contracts
Types of contracts
  • Express bilateral
    • Promise for a promise
  • Express unilateral
    • Promise for an act
    • Exception to advertising exception
  • Implied (Quasi-contract)
    • Implied in fact (real contracts where assent is implied)
    • Implied by law
      • restitution to prevent unjust enrichment
statute of frauds
Statute of frauds
  • Some contracts must be in writing to be enforceable
  • Current NC requirements
  • Exceptions
    • Partial performance
    • Promissory estoppel
parol evidence rule
Parol evidence rule
  • Written contract
  • Prior or contemporaneous oral statements barred
    • Except to clarify ambiguous terms
  • Subsequent oral statements admissible
    • Unless barred by an integration clause
remedies
Remedies
  • Money damages
  • Specific performance
  • Negative injunction
  • Rescission and restitution
defenses
Defenses
  • Impossibility
  • Impracticability
  • Mistake
stipulated liquidated damages
Stipulated (liquidated) damages
  • No penalties
  • Reasonably related to actual damages
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Time
  • Statute of limitations
  • Laches (equity)
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