Welcome to Contracts
1. What is a "promise" in contract law?
2. What are the sources of contract law in America?
3. What are the functions of contract law (a promisor and promisee, hint:))?
4. Define contract per the text (page 219).
5. What is the objective theory of contracts?
6. List and define the four requirements of a valid contract?
7. What are the two defenses to enforceability of a contract?
8. At least how many parties does a contract need to have?
9. What is a bilateral contract?
10. What is a unilateral contract?
11. What is the difference between a formal contract and an informal contract?
12. What is an express contract?
13. What is an implied contract?
14. Why is it important to have contract performance? (i.e., an executed contract)
15, What can make a contract void?
16. When is a contract unenforceable?
17. Describe a quasi contract?
18. Brief Wagner v. Columbia Pictures.
~Faith
ReplyDeleteBus Law CH 9
1. What is a “promise” in contract law? An assertion that something will or will not happen in the future
2. What are the sources of contract law in America? The common law governs all contracts except when it has been modified or replaced by statutory law
3. What are the functions of contract law (a promisor and promise, hint)? Assures the parties to private agreements that the promises they make will be enforceable, promisor makes the promise, promise the person promise is made to
4. Define contract per the text? Offer, acceptance, and consideration. An agreement that can be enforced in court; formed by two or more competent parties who agree, for consideration to perform or to refrain from performing some legal act now or in the future.
5. What is the objective theory of contracts? We intended to form a contract. A theory under which the intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person, rather than by the party’s own secrets, subjective intentions
6. List and define the four requirements of a valid contract?
Agreement – an agreement to form a contract includes an offer and an acceptance
Consideration – any promises made by the parties must be supported by legally sufficient and bargained-for consideration
Contractual capacity – you have to be over the age of 18, and you have to be mentally good. Both parties entering into the contract must have the contractual capacity to do so
Legality – the contract’s purpose must be to accomplish some goal that is legal and not against public policy
7. What are the two defenses to enforceability of a contract? Genuineness of assent – the apparent consent of both parties must by genuine
Form – the contract must be in whatever form the law requires
8. At least how many parties does a contract need to have? At least two
9. What is a bilateral contract? A type of contract that arises when a promise is given in exchange for a return promise
10. What is a unilateral contract? A contract that results when an offer can be accepted only by the offeree’s performance
11. What is the difference between a formal contract and an informal contract? Formal contract – a contract that by law requires a specific form, such as being executed under seal, for its validity
Informal contract – a contract that does not require a specified form or formality to be valid
12. What is an express contract? A contract in which the terms of the agreement are stated in words, oral or written
13. What is an implied contract? A contract formed in whole or in part from the conduct of the parties
14. Why is it important to have contract performance? (an executed contract) A contract that has been completely performed by both parties. Is important because it seals the deal
15. What can make a contract void? One of the parties was previously determined by a court to be legally insane, or because the purpose of the contract was illegal
16. When is a contract unenforceable? A valid contract rendered unenforceable by some statue or law
17. Describe a quasi contract? We sue in the case. A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another
18. Brief Wagner v. Columbia Pictures. Actor Robert Wagner entered into agreement with Spelling-Goldberg Productions to get 50 percent of profits from the series Charlie’s Angels. SGP hired Ivan Goff and Ben Roberts to write series under the MBA. SGP sold rights of series to Colombia Pictures Industries, Inc. Then Colombia bought movie rights from Goff’s and Roberts’s heirs. They made another movie; Wagner filed a suite California state court against Columbia. He was not entitled to them because he did not meet the conditions of the contract.