LEGAL EXAM III REVIEW
based on common law (previous cases). - ✔✔Contract Law
persuasive document adopted by all states, except 1, that provides guidance on
commercial contracts. - ✔✔Uniform Commercial Code (UCC)
a compilation of the general principles of contract common law. - ✔✔Restatement of
Contracts
1. The Offer
2. Acceptance
3. Consideration - ✔✔Steps to Form a Contract:
to do something or not to do something. - ✔✔The Offer
consists of two promises; both parties are bound/obligated to perform.
100%
ex. car buyer agrees to pay the seller a certain amount of money in exchange for the
title to the car. - ✔✔Bilateral
does not involve an exchange of promises; rather a promise in exchange of an act.
ex. a baseball player promises a fan $100k to return their home run ball. -
✔✔Unilateral
only by the party to whom the contract was made. - ✔✔Acceptance
price both parties pay; exchange of value/benefit that each party receives. -
✔✔Consideration
certain contracts are unenforceable unless they are in writing; (sales, mortgage, or
lease of land; services not performed 1 year from date of marking; sale of goods of
$500 or more). - ✔✔Statute of Frauds
, rule in which contracting parties cannot assert facts that are contrary to the written
agreement (contract); you cannot go back and argue that "we discussed this" or "it was
in a previous contract." - ✔✔Parol Evidence Rule
a promise can be enforced by law if, after relying on that promise, the promisee suffers
a resulting loss. - ✔✔Promissory Estoppel
often terminated prematurely. - ✔✔Coaching Contract
contract between players (union) and owners (league). - ✔✔Collective Bargaining
Agreement
right to suspend and/or terminate the contract if an athlete partakes in actions that
bring themselves, the club, organization, or sponsors into disrepute. - ✔✔Morals
Clause
make up the contract that binds the school to provide the SA w/ financial aid and a
100%
chance to participate in athletics, in exchange for SA commitment to attend the school
and remain eligible. - ✔✔NLI and Financial Aid Scholarship
at least 37 states (including Florida) have specific laws that stipulate what can and
cannot be in a contract for consumer protection. - ✔✔Health Club Contracts
money to make up for the monetary loss one party suffered.
ex. an athlete hires an agent... works... then gets fired. - ✔✔Compensatory Damages
money to make up for the economic losses that were caused indirectly by the breach.
ex. other athletes fire the same agent because of the first agent.... or they will not sign
the contract... now the agent can sue. - ✔✔Consequential Damages
specific amount of money agreed upon and within the contract itself.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
