buslaw
Terms
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- Breach of contract
- a. Occurs when a party does not live up to the obligation of contractual performance
- Bilateral contract
- an agreement containing mutual promises i. For example, suppose Paul promises to sell his laptop to Pearl if she promises to pay $1,000 for the equipment. When Pearl makers her promise in response to Paul’s, a bilateral contract is formed ii. Bilateral contracts involve two promises, two rights, and two duties
- Expressed Vs. Implied-in-fact Contracts
- Expressed: the parties actually talk about the promised terms of their agreement Implied: assumed
- Implied in Law
- AKA Quasi contract. is a contract when one party is unjustly enriched at the expense of another and the law may imply a duty on the first party to pay the second even though there is no contract between the two parties Ex. i. For example, if a debtor overpays a creditor $5,000, the debtor can force the creditor to return that amount by suing under quasi-contract
- Contractual Enforcement Terminology
- a. Terms used in contract law related to the enforceability of agreements include enforceable, unenforceable, valid, void, and voidable
- Indefiniteness
- terms are considered too vague and they cannot be the basis of a contract
- Acceptance of Offer
- necessary to create a valid, enforceable contract i. An offer to enter into a bilateral contract is accepted by the offeree’s making the required promise
- Mirror image rule
- i. States that if the acceptance changes the terms of the offer or adds new terms, it is not really an acceptance, it is instead a counteroffer
- held three classes of person’s to lack capacity to be bound by contractual promises
- i. Minors 1. Minors are anyone under the age of 18 2. A contract into which a minor has entered is voidable at the election of the minor 3. In a number of states, courts will hold a minor who has misrepresented his or her age to contractual promises 4. If the minor fails to disaffirm within a reasonable time after reaching majority, the minor is said to ratify the contract ii. Intoxicated persons 1. Courts measure capacity by whether the adult was capable of understanding the nature and purpose of the contract 2. The contracts are voidable by the intoxicated or mentally impaired person iii. Mentally incompetent persons
- Voidable contracts
- i. Fraud 1. Involves an intentional misstatement of a material fact that induces one to rely justifiably to his or her injury 2. The defrauded party can withdraw from the contract ii. Misrepresentation 1. A misstatement without intent to mislead 2. Contract is voidable by the innocent party iii. Duress 1. Duress is when a party is under force or threat of force iv. Undue influence 1. Occurs when one is taken advantage of unfairly through a contract by a party who misuses a position of relationship or legal confidence v. Mutual mistake 1. A mistake as to a material fact inducing a contract 2. Rescission is an appropriate remedy
- novation
- three or more party contract wherein the original contracting parties agree to relieve the obligor from liability by substituting an assignee in the place of this party
- statute of frauds
- law requiring that certain contracts be in writing. applies to a contract the parties cannot perform within one year after its making
- Parol Evidence rule
- you can't introduce oral evidence in court that changes the intended meaning of the written terms
- preemption
- if fed law preempts a subject then any state law that attempts to regulate the same activity is unconstitutional
- Nexus
- justify the tax there must be sufficient connection between the business and taxing state. also sufficient local activities. adequacy of local activites to support the tax
- Standing to sue
- Reviewability- is the action or decision of the agency subject to judicial review? Aggrieved party- the plaintiff must have been harmed by an administrative action or decision to have standing
- Property=Prosperity
- incentive makes resources divisible Capital formation
- How do you aquire resources?
- Exchange Possession Adverse Confusion Accession (something added) Gift
- eminent domain
- limits the exclusive right of property in order to serve the common good by allowing the govt to take away property protected resources from others. The govt can take private property for public use upon paying just compensation