Unit 6
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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

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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


Unit 6

Time

  • Statute of limitations

  • Laches (equity)


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