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Bls exam 3 notes ; Contract law notes
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All the notes taken in lectures for contract law, a lot of the main ideas and elements are listed. U'll need it!!
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6 Basic Requirements for a Contract (K)1. Agreement
a. Someone offers
i. present , serious, contractual intent
ii. Definiteness
iii. Communicated to offeree
b. (Offers)’
i. Future offers
ii. Offers made in jest
iii. Preliminary negotiations
iv. Invitations
v. Invitations to offer
vi. Inquiries
vii. Answers to inquiries
c. Another person accepts
2. Consideration - Bargained for legal detriment ?
a. Doctrine of Consideration: A promise is not binding unless it’s supported by
consideration
b. Exceptions
i. Promissory estoppel - Most courts will hold promises accountable for
substantial detrimental reliance
ii. Promises made to charitable institutions
iii. Composition Agreement - exception to doctrine of consideration, if
multiple creditors, they can’t keep getting money from you
1. Preexisting duty rule -
What can happen to an offer?
1. Acceptance by offeree
2. Rejection by offeree
3. Revocation by offerer - General Rule - offer can be revoked anytime before acceptance
a. Exceptions (Irrevocable offers): Option K; common law or sales K or Firm offer
(Sales Only)
4. Terminate
Sales law - Article 2 UCC for 36 states (Ohio has Title 13 ORC)
Common law
1. K for sale of real estate
2. K for sale of intangibles
3. K for services
, A lot of contracts are a mix of common law and sales, need to figure out which is
predominant
Firm offer:
1. Offer
2. Promise to keep offer open
3. Made by a merchant
4. In writing
5. For 3 months or less
Termination of offer (not contract)
1. Rejection
2. Revocation
3. Lapse of time
4. Condition subsequent
5. Death of the offerer or offeree
6. Subsequent illegality
7. Impossibility
Rebuttal presumptions:
Exceptions:
1. Offer states otherwise
2. Implied Agency Rule - Offer must be accepted by a means equally as fast or faster, offer
is accepted when acceptance is sent back.
3. Acceptance following a prior rejection
Genuineness of Assent
1. Mistake
a. Unilateral or bilateral (mutual)
b. All makes a difference if it’s a mistake of fact, law, or expectation
2. Misrepresentation (innocent): k is voidable
3. Concealment: General rule - no duty to disclose info regarding a k
Exceptions
1. One party knows the other is “walking into a trap”
2. Statutory
3. Confidential relationship
a. Dr - Patient
b. Attorney - Client
c. Parent - Child
4. Fraud - MOKIRI
5. Duress
a. Extreme Duress (threats) - void
b. Mild duress - voidable
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