Contract Law Research Paper

Submitted By james4sythe
Words: 737
Pages: 3
Open Document
Nature and Terminology
Contract law - the formation and keeping of promises-legally binding
Source of contract law-common law-except where modified or replaced by statutory law -UCC -sale or lease of goods, checks or administrative law
Two parties
Promissor - making the promise - PR
Promissee - person to whom the prime is made - PE
Contract - agreement between two parties (or more) is legally binding, agree to perform or refrain from performing an act now or in the future
Objective theory of contacts - element of intent is very important - judged by outward objective facts - as interpreted by a reasonable person standard
Objective - One answer, subjective - multiple answers
Three factors
What the party said
How the party acted or appeared
Circumstances surrounding the transaction
Elements (Requirements)
Agreement - Need an offer and an acceptance (more in chapter 12)
Consideration - Must be supported by legally sufficient bargained for value (more in chapter 13)
Contractual capacity - must have this (age, sober, lack mental capacity) (more in chapter 14)
Legality - must be (contract’s purpose) to accomplish a goal that is legal and not v. public policy (more in chapter 14)
Let’s assume we meet all four requirements - possible defenses
Voluntary consent - both parties agreed (more in chapter 15)
Contract must be in a form with respect to whatever the law requires (more in chapter 16)
Contract classification
Bilateral contract v. unilateral contact
Bilateral - Promise for a promise eg one part offeror makes a promise, offered may accept by promising to perform, contract exist at the moment promise made
Unilateral contract if the offer can accept the offer by performance (promise for performance)- contract exist moment contract is performed
Potential problem - PR attempts to revoke (take back) the offer after the PE began performance
Present view - offer to perform becomes irrevocable once performance has begun
Formal v. informal
Formal - contact that requires special forms or method or formation, to be enforceable
Informal - simple contract - no special form is required
Express v. Implied
Express - specific terms of agreement are fully and explicitly stated in words, oral, or written
Implied - contract is implied from the conduct of the parties
For implied, need three elements
P must furnish some service or property
P expected to be paid for that service or property and D knew or should have known that payment was expected
D had chance to reject the services or property and did not
Executed v. executory
Executed - fully performed by both parties
Executory - not fully performed by both parties
Contract enforceability
Valid contact- one that has all four elements
Voidable contract- valid contract, one of the parties may be able to avoid the contract at their option (or both) can avoid it or ratify it
Minor - contact may be unenforceable because of certain legal defense
Void contract - not a contract at all, no legal obligation to any
Show More

Related Documents: Contract Law Research Paper

Canadian Business And The Law

Study Guide to accompany Canadian Business and the Law, 5th edition Chapter 6 CHAPTER 6 FORMING CONTRACTUAL RELATIONSHIPS Objectives After studying this chapter, you should have an understanding of • how negotiations lead to a contractual relationship • how negotiations can be terminated • the legal ingredients of a contract • how contracts can be amended or changed Learning Outcomes • • • Understand how business negotiations can result in the formation of a contract or terminate without legal…

Words 3867 - Pages 16

Law and Business Essay

Tiffany Ly Business Law February 11, 2011 Robinson Law and Business Natural law is one of the oldest of its kind. The natural law theory believes that there is a higher law and it applies to all human beings and if a law is unjust then it does not have to be obeyed. Natural law is based on fairness and equity and this can easily relate back to the world of business. One major question that lies in international business is whether or not foreign employees should have the same protection…

Words 620 - Pages 3

Business Law Paper

Business Law Term Paper Legal Analysis of Dating Site User Agreement Chosen Site: eHarmony BUSI 2601B Dr. G. Levasseur March 8th, 2015 Table of Contents I Executive Summary 1 II Introduction 3 Overview and Objectives: 3 Methodology: 3 Business Relationship: 5 III Clausal Description and Explanation 6 Document 1: Privacy Policy (3 pages) 6 Document Two: Terms of Service (five pages) 18 IV Application of Legal Principles 32 V Lessons Learned, Recommendations and Example Scenario 46…

Words 15495 - Pages 62

Essay on Business Law

the Congress can regulate a local business if doing so is in the national interest. This includes situations where the actions of many small businesses taken together could have an inter-state effect. In Heart of Atlanta Motel v. United States case, the court decided that a local hotel would have to comply with federal stature and follow the requirements of the Civil Rights Act of 1964, because it is part of the commerce/travel. Even though it is a local business, the Congress has the power to regulate…

Words 2277 - Pages 10

Essay on Business Law

Business Law “The doctrine laid down in Salomon v Salomon & Co Ltd [1897] AC 22 has to be watched very carefully. It has often been supposed to cast a veil on the personality of a limited company through which the courts cannot see. But that is not true. The courts can, and often do, draw aside the veil. They can, and often do, pull off the mark. They look to see what really lies behind” - Lord Denning in Littlewoods Mail Order Stores v Inland revenue Commissioners [1969] 3 All ER 422.…

Words 1964 - Pages 8

Business Law Notes

Chapter one Business Law Law is a set of rules, enforceable by the courts, which regulate the government of the state and governs the relationship between the state and its citizens and between one citizen and another. There are various ways in which the law may be classified; the most important are: * Public and private law * A) Public law is concerned with the relationship between the state and its citizens. Specialised areas are: 1. Constitutional law is concerned with the workings…

Words 34659 - Pages 139

Business Law Essay

Resources in a Business Context BUS 746 Law Assignment 1A Amit Bhanot S12003170 Question Two ‘Equally, it is recognized that the formal and rather intimidating atmosphere of the ordinary courts is not necessarily the most appropriate one in which to decide such matters. Even where the dispute cannot be resolved internally. In recognition of this fact, various alternatives have been developed specifically to avoid the perceived shortcomings of the formal structure of law and court procedure…

Words 2072 - Pages 9

Business LAW Essay

sovereign power. State regulatory powers are often referred to as: police powers. In an equal protection inquiry, when a law or action distinguishes between or among individuals, the basis or classification, is examined. Depending on the classification, the courts apply different levels of scrutiny or “tests” to determine whether the law or action violates the equal protection clause. The courts use one of three standards: strict scrutiny, intermediate scrutiny, or the: “rational…

Words 980 - Pages 4

Essay Business Law

Name of Partnership: The name of the partnership shall be JDM Lawn Care. Place of Business: The partnership’s place of business shall be at 123 Green Way, Greenwood SC 29649 Purpose of Partnership: The purpose of the partnership are for regular lawn care maintance, landscape design, and project management. In addition to the specific purposes set above, the pupose of the partnership is also to conduct a lawful business in which the partners might come engage.…

Words 3578 - Pages 15

Business Law Essay

Business Law Law- the body of rules that can be enforced by the courts or by other government agencies. Sophisticated Client- Person who understands the role of a lawyer and knows when to represent himself/herself and when to get the help of a lawyer. They understand the cost associated with a lawyer and how the process works. Legal Aid- Legal help for people who cannot afford a lawyer. Civil Law- A list of codes that judges apply to cases. Common Law- Law based on past decisions made by the…

Words 1269 - Pages 6