Contracts And The Hospitality Industry

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Valid & Enforceable contract

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An agreement between competent parties which is based upon doing ascent and supported by consideration which is lawful and it is a form required by law if any such form is required

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Competency or capacity

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Meaning that a person getting into a contract must know what's going on and what they're doing and of legal age

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Lack of Genuine assent

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Signatures force by a threat or was tricked into signing

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forging a signature does not count in this category

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Supported by consideration

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If there is no exchange of something between two parties it isn't considered a contract and cannot be held in court has to be values in both ways

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Lawful

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Contracts cannot be breached and brought to court if it is a criminal contract or a illegal contract

Hint 5

hiring a hitman and he doesn't follow through so you try to take him to court

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A form required by law

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Word agreements are enforceable by law but some contracts are required in writing by law

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Express contract

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The contract and the terms are stated by the parties an express contract can be written or verbal

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Implied contract

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Where the contract and its terms are created by law, due to the conduct (Actions) of the parties. If the parties act like they have an agreement the court can enforce the agreement

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Valid contract

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Bonding and enforceable by valid contracts have all the elements needed within the contract . *The law will protect both parties under contract

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Implied contract

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Where the contract and its terms are created by law, due to the conduct (Actions) of the parties. If the parties act like they have an agreement the court can enforce the agreement

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Void contract

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No legal effect does not exist as far as the law is concerned, neither party can enforce it

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Voidable contract

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For binding contract though one of the parties has a right to reject or enforcing the one with the right to reject is protected by the law for example, if they are minor

Hint 12

Voidable = Reject

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Voidable contract

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For binding contract though one of the parties has a right to reject or enforce *the one with the right to reject is protected by the law for example, if they are minor

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Voidable = Reject

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Valid but unenforceable contract

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Having a contract that has the elements of a valid contract but there is some defect that creates a defense to enforceability

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Parties in privity

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Plaintiff and defendant must be parties in the contract, strangers to a contract generally have no right to enforce it

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Contractual capacity

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Parties to a contract must have capacity or they will be protected by the law allowing them to reject their contract a lack of capacity makes the contract voidable minors lack capacity

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Legal capacity

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Concerned with the party who needs to be protected because The law says so, like minors

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Legal capacity

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Concerned with the party who needs to be protected because The law says so, like minors

Miners most affirmatively reject their contract or its enforceable against them

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Actual capacity

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Concerned with the party who does not understand the nature and consequences of their actions when they entered the contract

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Noncompetition contract

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One party agrees not to compete in business with another party this can be avoided a noncompetition contract will be enforceable if

1) it is part of a contract for sale of a business or if it is part of an employment contract

2) the noncompetition contract is not overly restrictive with time, territory or market

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Genuine assent

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A contract requires genuine assent by the party they must have intended to agree they entered the contract knowingly and voluntarily a lack of didn't want to send can make the contract voidable

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Fraud

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And intentional misinterpretation of material fact used to induce another to enter a contract a statement of opinion is not fraud.

Fraud is an intentional tort can be a crime and creates a voidable contract

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Duress

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The contract is entered through force or threat of force, The party deceived or force into the contract can reject the voidable contract

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Statute of fraud

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Some oral contracts must be evidenced by signed writing to being enforceable in court

Contractor must comply with this statues of fraud a contract for the transfer of an interest in real property

Evidence of a signed writing is required. The signatures don't need to be original. They can be photocopied, faxed, emailed or electronic signatures

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Real property

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Land and that which is over and over and it's Aslan including buildings and trees attached to the land as well as easement see use another Lance Alisa real property is not real property it's personal property

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Real property

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Land and that which is over and over and it's Aslan including buildings and trees attached to the land as well as easement see use another Lance Alisa real property is not real property it's personal property

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Personal property

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Any property that is a real property including tangible personal items such as furniture delivery car is food or beverages and in tangible personal property looks real property or shares in stock in the corporation

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material breach

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One that does to the heart of the agreement

Can terminate your contract and sue you for damages

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You go three months of not paying the rent for a lease

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Non material breach

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Not that serious of a breach

Can be sued for damages and continue contract

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You are a few days late on a lease payment, but it is still paid in full

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Non material breach

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Not that serious of a breach

Can be sued for damages and continue contract

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You are a few days late on a lease payment, but it is still paid in full

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Compensatory damages

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To recover damages the plaintiff would have to:

Prove the damages with reasonable certainty and prove that they were foreseeable to a reasonable defendant

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Quasi Contract

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If a minor has a contract for necessities ( food, shelter) , it can be rejected and they will not be liable for the contract price, but they are liable for the reasonable value of the goods or services

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Contract Consideration

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A bargained for exchange for value

A thing of value- food, furniture, or money

A valuable service- repair, legal or catering services

A value of forbearance- giving up legal right that one party already has like the right to sue

A binding promise to do one of the first three at a future time

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Fixtures

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Personal property which has been attached to real property and has become apart of the property. I.e. Light and plumbing fixtures, not legal until actually installed (toilets, faucets, ect.) refrigerators and ovens aren't fixtures

Fixture = real property

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Trade fixtures

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Fixtures that were installed by a commercial tenant in a commercial rental property i.e ovens sinks heating AC units , and display cases

Trade fixtures = personal property of tenant

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Statutes of fraud only required a signature from the defendant

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!

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Statutes of fraud only required a signature from the defendant

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!

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Partial performance

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Creates an exception to the statues of frauds , meaning that even oral agreements can be enforced without a writing if the agreement has been partially performed. This requires one or both of the partied to prove to a court that there was a contract and prove the terms of that contract

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Ambiguous contracr

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When a contract it vague by its own language and may need to be interpreted by the court if some one is suing to enforce it.

It's generally interpreted in a light least favorable to the party who drafted the contract

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Breach of contract damages are generally compensatory

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To recover compensatory damages the plaintiff must

Prove the damages with reasonable certainty and prove that they were foreseeable (knew or should have known they would occur) to a reasonable defendant

Financial losses such as

A difference in a contract price that must be paid due to the breach

Loss of a business deal

Loss of profits

Loss of good will , including lost of future profits or customers

You cannot get compensatory damages for physical pain and suffering, emotional distress

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Mitigate

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To reduce their damages if reasonably possible

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Breach of contract damages are generally compensatory

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To recover compensatory damages the plaintiff must

Prove the damages with reasonable certainty and prove that they were foreseeable (knew or should have known they would occur) to a reasonable defendant

Financial losses such as

A difference in a contract price that must be paid due to the breach

Loss of a business deal

Loss of profits

Loss of good will , including lost of future profits or customers

You cannot get compensatory damages for physical pain and suffering, emotional distress

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Mitigate

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To reduce their damages if reasonably possible

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Liquidated damages

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An amount specified in the contract that will be payable on the event of a breach

This clause will be enforceable if the specified amount is not excessive under the circumstances , (it is considered punitive damages of it's excessive )

Ex. Over draft fees , early termination fees, late fees on credit cards

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Equitable remedy

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Anything that isn't money damages

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Injunction

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Forces the defendant to stop their ongoing conduct that violates the plaintiffs rights. This can be awarded in a tort or breach of contract

I.e. Copyright infringement

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Injunction

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Forces the defendant to stop their ongoing conduct that violates the plaintiffs rights. This can be awarded in a tort or breach of contract

I.e. Copyright infringement

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Specific performance

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Forces the defendant to fulfill their contractual obligations

Is only available where there is a breach of contract by a seller of unique goods or land

Cannot be used against a provider of unique personal services

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Overbooking a hotel is considered a breach of contract

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