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5 Essential Elements of a Contract
2) Mutual Agreement
3) Genuine Intention
4) Legal Consideration
5) Lawful Subject Matter
Capacity of the Parties
1) Infant
2) Mentally Incompetent
3) Alcohol or Drug Abuse
4) Alien
5) Corporation
Mentally Incompetent/Intoxicated are not liable for non-necessaries if:
1) They are in fact Mentally Incompetent/Intoxicated
2) other party knew or ought to have known
Corporation Types
1) Sole Proprietship
2) Partnership
3) Corporation
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Joint and Several Liability
Joint - everyone is liable
several - can go after 1 or all of the partners, personal and partnership assets
Master/Servent Relationships
1) Employer/Employee
2) Owner/Independant Contractor
3) Principal/Agent
Fiduciary Relationship
relationship of full disclosure (of utmost faith)
bona fide
Prudent Partnership Agreement includes:
1) Who the partners are
2) $$$ contributions
3) % ownership
4) buy-sell agreement
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Limited Liability Partnership (LLP)
- can only sue for 1 partner's personal assets
- partner does not go to meetings, etc.
Documents for Certificate of Incorporation:
1) Articles of Incorporation
2) Bylaws
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