Chapter 5: Law of Contracts

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Types of Contracts. Express versus impliedQuasi contractBilateral versus unilateralExecutory versus executed. Essentials of a Valid Contract. Competent partiesMutual consentOfferAcceptance Counter offer Revocation DefinitionsMistakesLegal purposeConsideration. Void and Voidable Contracts
Chapter 5: Law of Contracts

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1. Chapter 5: Law of Contracts Lecture Outline

2. Types of Contracts Express versus implied Quasi contract Bilateral versus unilateral Executory versus executed

3. Essentials of a Valid Contract Competent parties Mutual consent Offer Acceptance Counter offer Revocation Definitions Mistakes Legal purpose Consideration Discuss Gibbs v. American Savings case. Discuss Roth v. Malson case. Discuss Ersa Grae Corp. v. Fluor Corp. case. Discuss Gibbs v. American Savings case. Discuss Roth v. Malson case. Discuss Ersa Grae Corp. v. Fluor Corp. case.

4. Void and Voidable Contracts Fraud misrepresentation Duress and menace Undue influence Options to Contract Right of first refusal broker?s license Partnership licenses Corporation licenses Nonresident licenses Discuss U.S. v. Cloud Case. Discuss Ellis v. Chevron case. Discuss U.S. v. Cloud Case. Discuss Ellis v. Chevron case.

5. License Renewals Grounds for Disciplinary Action Statute of limitations Criminal liability Restricted license Education Research and Recovery Allocation Discuss Madrid case. Discuss Direnfield case. Discuss Madrid case. Discuss Direnfield case.

6. Contractual Remedies Monetary damages Compensatory damages Punitive or exemplary damages Nominal damages Liquidated damages Wavier of damages Equitable remedies Specific performance Reformation Injunction Declaratory relief Rescission Waiver

7. Assignment of Contract Statute of Frauds Foreign language Parol Evidence Rule Estoppel Statute of Limitations Laches Seals Judgments Discuss the ARYA Group Inc. v. Cher case. Discuss the ARYA Group Inc. v. Cher case.


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