How does a party know when his or her obligations under the contract are at an end?
A party may be discharged from a valid contract by:
A condition occurring or not occurring.
Full performance or material breach by the other party.
Agreement of the parties.
Operation of law.
Conditions
Possible future event, the occurrence or nonoccurrence of which will trigger the performance of a legal...
Thursday, March 7, 2013
Thursday, March 07, 2013
Contracts Performance and Discharge
Thursday, March 07, 2013
Contracts Third Party Rights
Only the Parties to a contract have rights and liabilities under the contract.
Exceptions:
Assignment or Delegation.
Third party beneficiary contract.
Assignments and Delegations
Transfer of contractual rights is an assignment.
Transfer of contractual duties is a delegation.
Assignments
Rights cannot be assigned:
If the assignment is contrary to statute.
When a contract is personal in nature....
Thursday, March 07, 2013
Statute of Frauds
Origins of the Statute of Frauds
1677 England passed the law “An Act for the Prevention of Frauds and Abuses.”
Certain types of contracts must be in writing and signed by the party against whom enforcement is sought to be enforceable.
Today, almost every state has a Statute of Frauds.
The Statute of Frauds
To be enforceable, the following types of contracts must be in writing and signed:
Contracts...
Thursday, March 07, 2013
Genuineness of Assent
Contract may be unenforceable if the parties have not genuinely assented to its terms by:
Mistake.
Misrepresentation.
Undue Influence.
Duress.
Mistakes of Fact
Only a Mistake of Fact allows a contract to be canceled.
Bilateral (Mutual) Mistakes can be rescinded by either party.
Unilateral Mistakes cannot be canceled unless:
If other party to the contract knows or should have known that a mistake...
Thursday, March 07, 2013
Contracts Capacity and Legality
Contractual Capacity
The legal ability to enter into a contractual relationship.
Full competence.
No competence.
Limited competence.
Legality
The agreement must not call for the performance of any act that is criminal, tortious, or otherwise opposed to public policy.
Minors
In most states, a person is no longer a minor for contractual purposes at the age 18.
A minor can enter into any contract...
Thursday, March 07, 2013
Contracts Consideration
Consideration is legal value given in return for a promise or performance.
Must have something of legal value or sufficiency.
Must be a bargained-for exchange.
Elements of Consideration
Consideration for a promise must be either:
Legally detrimental to the promisee, or legally beneficial to the promisor.
Legal Value:
Promise,
Performance, or
Forbearance.
Case 11.1: Hamer v. Sidway (1891).
Adequacy...
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