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13 Cards in this Set

  • Front
  • Back
what people have potentially voidable contracts?
minors and mentally ill and intoxicated persons
what types of contracts are not voidable by minors?
2.marriage contrats
3.enlistement to the armed forces
4.goods and services required by law (vaccination)
5.contracts involving innocent third parties
minors may rescind contracts as a protective "shield" against adults who may take advantage of them
shield or sword doctine
contracts made by minors become ratified even after reaching adulthood when:
1.use of item
2.making installment payments
3.paying off balance owed
4.declaration to abide by contract
Statute of Frauds
six types of contracts that mnust be in writing
1.contracts not to be completed within one year
2.contracts for sale of land (real property - ground and anything permanently affixed to it such as buildings, fences, and trees)
3.contracts for sale of goods $500 or more
4.certain contracts of executors and administrators
5.garaunty of debts of third parties (promise to pay anothers bill)
6.contracts in consideration of marriage
Parole Evidence Rule
written agreement is the final expression of agreement of the parties, not to be contradicted by prior oral negotiations
Best Evidence Rule
courts accept only the original of a writing contract, not a copy
types of consideration
3.charitable pledges
giving up something you have the legal right to do
usurious agreement
charging more than the amount of interest allowed by law (usury)
Restrictive Employment Covenant
protects employers from employees who might take trade secrets, customer lists, or other confidential material to a competitor
an employee cant work for a competitor in the same field.. they are limited to
1. a specific amount of time
2. a specific geographical area
contracts against public policy are
1.obstructing justice
2.interfering with public serves
3.restraining trade (supressing competition)