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21 Cards in this Set
- Front
- Back
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Consideration
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Anything that has legal value. Benefit received/detriment suffered.
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Bargained for Exchange
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Gift: one sided equation. Not a contract and cant be sued for. Elvis paying off ladies house.
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Nominal Consideration (painting example)
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something that "shocks the conscience of the court." Love and affection does not count as legal consideration. Also relates to something so low or little that is doesn't count as consideration.
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Contracts w/o Consideration
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Illegal
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Illusory
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Makes an agreement to do something or not to do somthing. There is no contract or real consideration.
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Moral Obligation
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Job or must take over duties if obligor/ee cannot
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Pre-existing Duty (ex. people in boat going to alaska)
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Cant get more for the same job. You cant ask for more without giving up more.
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Past Consideration (ex. will)
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Wanting to get something for an action that happened in the past w/o a previous contract.
Guy says he will give him money or pay him for something he is doing, and when he completes he will give him the money. dies not written contract. no money. (behaving at college example) |
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"In Pari Delicto"
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"With Equal Fault" Both parties know what they are doing is illegal
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Usury Laws (ex. loan shark guy)
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Highering interest rates unjustly at a state level. Max amount of interest a state can charge.
ex) loan shark tries to give a loan to a guy. charges guy 40%. Guy doesnt pay, loan shark sues. Court takes interest down to the state max level. |
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Gambling
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Cannot sue for gambling illegaly
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Blue Laws
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Laws in violation of activities performed on Sabbath (sunday usually). If you dont have a license and you do the act, it is illegal.
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Immortality
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Contracts that are against public policy. Courts will not uphold contracts that are immoral
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Restraint of Trade
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Getting together and making a set price for a good
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Covenants not to Compete
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Contracts should not prevent someone from work in their profession forever. Will stand if it is legal resonably: 3yr or distance (donut county)
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Statute of Frauds
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1677 Parliament passed to prevent fraud. Certain typed of contracts so important they should be in writing.
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Suretyship
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Must be in writing.Contracts to guarantee the debt of another. Parent signing for child loan. They guarantee the debtor will pay, and say they will pay if debtor doesnt pay.
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Prenuptial Agreement
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Must be in writing. If divorced sets perimeters to divorce. Normally 50/50
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Contracts that cannot be executed in less than a year (ex Will)
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Must be in writing. People could die in less than a year. If death occurs and no written contract is in place they will not get money. Contracts can be finished in less than a year so verbal is ok.
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Sale of goods ($ amount)
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Must be in writing if it is over $500
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Writing: What is the order the court will look at? Who is the only person that has to sign it?
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Handwritten trumps them all. Then Typed. Then Boilerplate.
Only has to be signed by part against whom seeking enforcement. |
