... Chapter 16 Statute of Frauds – stipulates what type of contracts must be in writing Collateral promise – made by a third party to assume debts of a primary party to a contract if that party does not perform, must be in writing Prenuptial agreements – made before marriage to define each partner’s ownership right in the other’s property, must be in writing Parol evidence rule – if a court finds that a written contract represents the complete and final statements of the parties’ agreement, it will not allow either party to present “parol evidence,” testimony between the parties that is not contained in the contract itself Integrated contract – written contract intended to be complete and final in terms of agreement, extraneous evidence excluded Chapter 17 Privity of contract – only the parties that entered into the agreement have rights and liabilities under the contract Assignment – transfer of contractual rights to a third party, Assignor assigns right, Assignee receives rights Delegation – transfer of contractual duties to a third party, Obligee is owed duties, Obligor/Delegator obligated to perform the duty can delegate to Delegatee Alienation – assignments of rights in real estate (transfer of land ownership) often cannot be prohibited because it is contrary to public policy in most states, “restraints against alienation” Third part beneficiary – original parties agree that contract should directly benefit a third person Intended beneficiary – third...
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...Louisiana) (http://www.legalmatch.com/law-library/article/uniform-commercial-code-lawyers.html). The UCC is most often used to resolve contract disputes for the sale of goods (http://www.legalmatch.com/law-library/article/uniform-commercial-code-lawyers.html). When a sale of goods dispute arises, the UCC is the body of law that governs, however, a sale of goods dispute is governed only by Article 2 of the UCC and every other article in the UCC governs a different type of transaction (http://www.legalmatch.com/law-library/article/uniform-commercial-code-lawyers.html). Something is a sale if the ownership of the goods is passed from a seller to a buyer for a price (http://www.legalmatch.com/law-library/article/uniform-commercial-code-lawyers.html). Getting a loan from the bank is not a sale because noting in fact passes from seller to buyer (http://www.legalmatch.com/law-library/article/uniform-commercial-code-lawyers.html). Something is a good if the item is tangible and movable, so selling the rights to a trademark is not a sale of goods because the trademark is not tangible (http://www.legalmatch.com/law-library/article/uniform-commercial-code-lawyers.html). The sale of your home is also not a sale of goods because the home is not movable (http://www.legalmatch.com/law-library/article/uniform-commercial-code-lawyers.html). Although the word "contract" often refers to a written document, writing is not always necessary to create a contract. An agreement may be binding...
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...application in prevention of further objections for contracts will construct the final deliberation. Ultimately the discussion will be concluded as a brief review to what has been done. Debate Parol Evidence Rule (PER) is a consideration of substantive common law that applies to contracts and eliminates parties to encounter any previous parol and oral evidences, with respect to their written total agreement (Corbin, 1944 and Blum, P: 2007, 348). According to Lawrence (1991) the history of the addressed rule travels to when agreements were made credible by written stamped latters, due to the impact of mystical and formal combination; where such formal evidences are nowadays a considerable factor for many courts to conclude justice. The rule was primarily established in 17th century English common law and has since been distributed among the other regions’ system of justice (Beveridge, 2000). Contract parties usually approach a set of common agreements after their interests are deliberately criticized and defended (Alces, 2005). A construction contract can be observed as an example here; arguments are primarily based between the two parties, in order to defend their interests. However, when for example the customer demands extensive requirements based on some parol debates, the firm will be saved at court, by the reviewed rule. Although PER is known as an asset for a project to be accurately delivered according to the written contract terms; its accuracy in...
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...Did Jim and Laura Buy a Car Week 6 Assignment 1 Matthew Ader Professor Lori Baggot LEG 100 Feb 14 2016 A contract is an agreement that creates an obligation that is enforceable by the law. The law has clear guidelines that before there exists a contract that will be binding, there has to be an offer, acceptance, mutual obligation and all parties should be of sound mind and by law be of legal age. A contract can either be written or spoken. Assuming that the buyers were at the required age went to the car dealership looking to purchase a new car. Stan the salesman made an offer to Jim and Laura and they both agreed to the terms. They asked that Stan the salesman hold the car for a day. He told them to put down $100 dollars to hold the car and that it would go to the final purchase of the car or that it would be refundable. Jim and Laura just wanted to hold the car so that it would still be there the next day. With mutual understanding Stan the salesman keeps the car and calls the next day to confirm when the purchase would be completed. I do believe that Jim and Laura did not enter into a legal contract that is binding. There are several factors that do not exist that would show a legally binding agreement. Like a contract that both parties would sign, agreeing to the purchase of the car. Having a contract in writing that both parties signed could show the sale of the car. Stan the salesman let Jim and Laura have a chance to test drive several cars that they were interested...
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...LAW/421 Final Examination Study Guide This study guide will prepare you for the Final Examination you will complete in Week Five. It contains practice questions, which are related to each week’s objectives. In addition, refer to each week’s readings and your student guide as study references for the Final Examination. Week One: Introduction to Law Objective: Define the functions of law in society. 1. Precedent evolves from a. state and federal constitutions b. state and federal statutes c. the common law d. a combination of both state and federal statutes and common law Objective: Define the functions of law in society. 2. Once stare decisis and case precedent is established, a. it may be disregarded and overturned by a court if they deem such action appropriate b. it may not be disregarded by a court but may be overturned by state statute c. it may not be disregarded by a court or be overturned by state statute but may only be changed by amendment to the state's constitution d. it may not be disregarded or overturned once established and must be followed without exception Objective: Define the role of law in business. 3. In the cases of Heart of Atlanta Motel v. U.S. and Katzenbach v. McClung, the Supreme Court found illegal discrimination under the Civil Rights Act of 1964 by applying a. the Commerce Clause b. the Supremacy Clause c. the Necessary and Proper Clause d. the Equal Protection Clause Objective: Define the role...
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...there are laws, rules and procedures on how to buy a used car, make payment options and rights to warranties, but there no laws that requires a car dealer to be responsible for the means or ways you as a buyer of reaching his or her place of business. That is a business decision, decided among the members of theirs families and friends and how they respond to the car dealership advertising. Betty went through a pretty bad experience driving for three hours in the intense heat to reach the car dealership. But, the car dealer bears not responsibility in this matter, even after Betty phone called confirming the price. When Tony said over the phone “three thousand dollars firm,” explain whether or he was making an offer that, if accepted, would bind the dealership in contract .“The Law of Contract in modern terms could be defined as 'an agreement containing a promise enforceable in law'. The four component parts of a contract are: 1) Agreement, offer and acceptance, 2) Mutuality and consideration, 3) Mentally Competent parties, and; 4) A legal objective. In a contract, if no time is specified for the performance of an act, a reasonable time is allowed. The reasonable time may be longer than one of the parties contemplates, but under the conditions which do not specify time; it is still a viable contract. http://www.ira-wg.com/library/contract.html. A Simple (informal) Contract is those contracts which do not require a seal. Simple (informal) contracts are called...
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...Singapore Management University AY 2013-14 Term 2 Final Examination Date / Start Time | 21 Apr 2014 / 8.30am | Course | LGST 101 – Business Law | Group | G7 | Instructor | Assoc Prof Low Kee Yang | INSTRUCTIONS TO CANDIDATES 1 The time allocated for this examination paper is 2 hours, of which the first 15 minutes is reading time. Do not write on the answer booklet during reading time. 2 This examination paper has 1 question and comprises 2 pages, including this instruction sheet. All the best. : ) In November 2013, Cindy, a relatively unknown actress in the Singapore film scene, signed a contract to act in a movie produced by Daniel. Filming began in December 2013 and by mid-February 2014, more than $200,000 had been incurred on expenses, including costumes, marketing and shooting. On 15 February 2014, Cindy was ecstatic when she learnt that she has an Oscar nomination for best supporting actress in the category of foreign films for her role in a recent Singapore movie. She then decided that Daniel’s movie might negatively impact her future Hollywood career (as she was cast in Daniel’s movie as a stereotype) and informed Daniel that she would not be acting in his movie anymore. Daniel replied angrily that she will hear from his lawyers. On 22 February, Cindy contracted with Andy to play a lead role in his upcoming movie “The Noble Dragon”, which was scheduled to be released in September this year...
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...Memorandum To: Krusty Senior Partner From: Christian Martin Date: 7/14/2013 Re: Patrick Ford contract problem ------------------------------------------------- Question Presented The question presented is whether the parol evidence rule will preclude us from using Mr. Moxie’s statements to supplement the contract and if Mr. Ford has a claim against Mr. Moxie/ Electronics, Audio & Radio Sales for the money he paid for the home entertainment equipment that he purchased in the contract agreed on between the two parties. Brief Answer The answer is no, Mr. Ford does not have a claim for breach of contract against Mr. Moxie and EARS for the installation of the home entertainment. Mr. Ford does not have a claim because the contract between the two parties of Mr. Ford and Mr. Moxie/EARS was written and final. Even though Mr. Moxie reassured Mr. Ford that the entertainment equipment he was interested in purchasing would meet all of his expectations especially in regards to the wireless signal being able to allow him to stream movies, television and music throughout his home. The parol evidence rule would in fact apply in this particular case because even though Mr. Moxie did relay some questionable information to Mr. Ford about the system being able to be effectively relay the signal throughout the entire house. As previously stated the contract between Mr. Ford and EARS through the sales representative Mr. Moxie was written and definite making the ultimate...
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...implied contract you will need to start with the idea of an express contract. With the thought of an express contract there is going to be any binding agreement between two people or parties. They need to know, understand and intend when cross the threshold of an express contract. This kind of contract will provide both parties who are involved will promise to do a particular agreement. The legal elements of an express contract are 1. An offer by one party and acceptance by another 2. Consideration, in specific something of value contributed by each party; and 3. A mutuality of intent. By association, there are two kinds of implied contracts, which are; 1. Contracts implied in fact 2. Contracts implied at law. An implied-in-fact-contract is one that must be inferred from the conduct of the parties. For an example of an implied-in-fact-contract is, Hass Construction wants Jack’s Lumber Yard to send them 24 pallets of 2x4’s for the job they are working on. Jack’s Lumber Yard does this without asking the existing price. That would make Hass Construction in a contract with Jack’s Lumber Yard and the contract is to pay the existing price for the 24 pallets of 2x4’s (the items implied). Even though Jack’s Lumber Yard and Hass Construction are not go into an express contract they do have a contract that is implied-in-fact. The legal fundamentals of an implied-in- fact contract are the same as an express contract. When looking at an implied-at-law contract...
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...Business Law Examination |1. |Describe why or why not an order from the president to raise minimum wage would be permissible. | | |I think raise minimum wage from the president would be permissible. And raising the minimum wage right| | |now is more important than ever. Minimum wage increases stimulate the economy by increasing consumer | | |spending, without adding to state and federal budget deficits. Consumer spending drives 70 percent of| | |the economy, and increasing demand is key for jumpstarting production and re-hiring. A raise in the | | |minimum wage puts money into the pockets of low-income consumers, who immediately spend it at local | | |businesses. The Economic Policy Institute estimates that the Fair Minimum Wage Act of 2013, which | | |would raise the federal minimum wage to $10.10 per hour, would generate $32 billion in new economic | | |activity in communities across the country. Strengthening the minimum wage can help build a | | |sustainable economic recovery – without increasing costs for taxpayers. | | | | |2. |Discuss one of the provisions in the contract that you signed and brought to class, and describe ...
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...CHAPTER 13 QUESTIONS 1. If a contract states no time frame for performance, when must it be performed? Performance must ordinarily be rendered within a reasonable time. 2. What is the effect of a tender of performance? If a contract calls for the performance of an act at a specified time, a tender of performance will discharge the obligation of the one making the tender so long as the tender conforms to the agreement. 3. What must a debtor do to make a valid tender of payment? The debtor must offer the exact amount due, including interest, cost, and attorney’s fees, if any are required. 4. What is the rule the courts generally have adopted regarding whether satisfactory performance has occurred? If the contract is performed in a manner that would satisfy an ordinary reasonable person, the terms of the contract have been met sufficiently to discharge it. 5. What circumstances surrounding a deviation from a contract will a court weigh in determing whether there has been substantial performance of a contract? It must include the significance of and reason for it, the ease of correction, the extent to which the purpose of the contract is defeated and the use or benefit to the owners of the work completed. 8. If a singer contracts to sing at a party, is the contract released if the singer develops laryngitis just before the party starts? Yes, because of impossibility of performance. 10. What is the theory that the law applies in determing compensatory damages? That...
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...Business Law 201 Spring 2007 Makeup Final Professor Steven Isler, Spring 2007 Exam Instructions: There are sixty questions on this exam and five extra credit questions. You have seventy minutes to complete it. This exam will make up forty-five percent of your overall grad. In the True/False section indicate whether the sentence or statement is true (A) or false (B). In the multiple choice section identify the letter of the choice that best completes the statement or answers the question. Each question is worth .75. Notes: I will update the grade sheet to include your score by 10:00 p.m. Pacific Time on May 30th. If you have been identified as a student being considered for a grade increase, your final grade will be available on Web Smart by May 28, 2007 ____ 1. The rights under a contract for personal service normally can be assigned. ____ 2. An intended beneficiary can sue directly to enforce a promisor's promise. ____ 3. A donee beneficiary can never sue to enforce the promise of a promisor. ____ 4. The vesting of contractual rights in a third party will always prevent the original parties to the contract from modifying it. ____ 5. If a contract does not require that performance be rendered directly to a third party, the third party will be considered an intended beneficiary. ____ 6. Conditions precedent are more common than conditions subsequent. ____ 7. Concurrent conditions occur only when the parties to a contract are required to perform their...
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...Centers, Inc. 1. What is the perfect tender rule? The perfect tender rule is under the common law, the seller is obligated to deliver goods that conformed to the terms of the contract in every detail. 2. According to the UCC, what are a buyer’s options if the goods do not conform to the contract? Does a buyer have those same options if the goods conform in every respect? Explain. The buyer’s options if the goods do not conform to the contract, the buyer or lessee may accept the goods, reject the entire shipment, or accept part and reject part. If the goods conform in every respect the buyer or lessee does not have a right to reject the goods because the buyer or lessee is obligated to accept and pay for the goods according to the terms of the contract (UCC 2-507). 3. In this case, what provision in the parties’ contract was at the heart of their dispute? The provision in the contract that was at the heart of their dispute was “that the price charged be the lowest available price.” 4. What did the court rule on the dispute between these parties? Why? The court ruled that the seller (Wilson) fully performed, but the buyer, the company, failed to make any payments. The agreed contract terms, including purchase price were clear. Therefore, the court ruled that the defendant (US Golf and Tennis Centers, Inc.) were liable for the goods they received and upheld the contract. Case 18.2 Maple Farms, Inc. v City School District of Elmira What if the facts were different...
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...shall be transacted between the buyer and seller on principals to principals basis. 2. QUANTITY: Quantity set forth on face hereof is subject to a variation of 5% plus or minus. 3. SHIPMENT: Date of bill of lading shall be accepted as a conclusive date of shipment. Partial shipments and transshipment shall be permitted unless otherwise stated on face hereof. The seller shall not be responsible for non-shipment or late shipment of the contracted goods due to causes beyond the seller’s control and causes due to failure of the buyer to provide in time the relative letter of credit or other instructions requested by the seller. 4. PAYMENT: An irrevocable letter of credit shall be established within 15 days after conclusion of any contract and such letter of credit shall be maintained valid at least 15 days...
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...Chief Executive FM: The Law Firm SUBJ: Legal Advice Dear Mr. Dumpp, After your recent requisition of legally advice concerning the commercial flooring for you Pig Out restaurants. My staff and I have carefully reviewed your case and picked out all the legal issue that concerns you and your restaurants. It is our mission to provide you with the best legal services possible. We are also determined to find the best possible solution that will make you and the PigOut family happy. Below we have listed the legal issues that concern us and our recommendations on each matter. First off I want to point out to you the essential elements that will bind you in a contract. The law will only recognize contracts where there is intention to create legal relations. Parties to an agreement concerning commerce or business intend to be legally bound. The court will look at the conduct of the parties to determine whether there was intent or not. Secondly an offer is a proposal and upon acceptance a legally binding contract is formed. The third element of a contract is consideration. A legally enforceable contract must be supported by consideration. Consideration is usually money, however, a promise to do something can amount to consideration. The fourth binding contractual element is capacity. A contract may not be valid if one or both parties lack the legal capacity to contract. Intoxicated people have the incapacity to enter enforceable contracts. The fifth element is...
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