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CHAPTER 10 Legal Purpose and Proper Form

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CHAPTER 10 Legal Purpose and Proper Form

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  1. CHAPTER 10Legal Purpose and Proper Form 10-1 Illegal Agreements 10-2 The Statute of Frauds

  2. 10-1 Illegal Agreements GOALS • Identify various forms of illegal agreements • Distinguish agreements that, although illegal, the courts will enforce Chapter 10

  3. FOCUS • Identify types of contracts that society, through its courts of law, should not enforce even though all the essential elements for an enforceable contract are present. Chapter 10

  4. WHICH AGREEMENTS ARE ILLEGAL? • Illegal lotteries • Agreements to pay usurious interest • Agreements involving illegal discrimination • Agreements that obstruct legal procedures • Agreements made without a required competency license • Agreements that affect marriage negatively Chapter 10

  5. WHICH AGREEMENTS ARE ILLEGAL? (continued) • Agreements that restrain trade unreasonably • Price fixing • Resale price maintenance • Allocation of markets • Agreements not to compete Chapter 10

  6. Name four of the eight illegal agreements discussed in this section. Chapter 10

  7. WHEN WILL THE COURTS ENFORCE ILLEGAL AGREEMENTS? • Protected victims • The excusably ignorant • Rescission prior to illegal act • Divisible contracts Chapter 10

  8. Under what circumstances will the courts enforce illegal agreements? Chapter 10

  9. 10-2 The Statute of Frauds GOALS • Explain why the Statute of Frauds is necessary and what it requires • Identify the main instances when the Statute of Frauds requires a writing • Understand the rules of contract interpretation Chapter 10

  10. FOCUS • Must all contracts be in writing? Chapter 10

  11. WHY HAVE A STATUTE OF FRAUDS? • Contracts within the Statute of Frauds • Executed contracts • Executory contracts • Requirements of the writing • Statute of Frauds requirements • UCC requirements • Special rules for signatures Chapter 10

  12. Name the six essential elements in a writing required by the most demanding Statutes of Frauds standards. Chapter 10

  13. TYPES OF CONTRACTS WITHIN THE STATUTE OF FRAUDS • Contract for the sale of goods for $500 or more • Contract to sell an interest in real property • Contracts that require more than one year to complete Chapter 10

  14. TYPES OF CONTRACTS WITHIN THE STATUTE OF FRAUDS (continued) • Contract to pay a debt or answer for another’s debt • Exception—main purpose rule • Contract for which the consideration is marriage Chapter 10

  15. Name the five types of executory contracts that require a writing. Chapter 10

  16. HOW ARE CONTRACTS INTERPRETED? • Integration clause • Specific rules of interpretation • Analysis • Conflicting terms • Words • Authors of ambiguity • Implied reasonableness • Parol evidence rule • Exception to the parol evidence rule Chapter 10

  17. Explain the parol evidence rule. Chapter 10