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Legal Agreements and Statute of Frauds

Will Lemond, Alex Anderl, Alex Fuery, Carter Brown. Legal Agreements and Statute of Frauds. What’s your verdict?.

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Legal Agreements and Statute of Frauds

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  1. Will Lemond, Alex Anderl, Alex Fuery, Carter Brown Legal Agreements and Statute of Frauds

  2. What’s your verdict? • The three main providers of Internet access to the city of Miller have a problem. There are too many costumers and as a result they would have to buy new hardware to keep up with the speed the customers wanted. Instead they agreed to increase their price 30% so that there would be less customers who would be willing to pay but their revenue would still increase and they wouldn’t have to buy new hardware. Is this legal?

  3. Goals • Identify types of agreements that are illegal and unenforceable • Specify illegal agreements that the courts will still enforce • Know the 6 Statute of Frauds requirements for a contract

  4. What is an illegal agreement? • An illegal agreement is an agreement that involve contracting for an illegal act. • They are generally void and unenforceable

  5. What are some examples of enforceable agreements? • Lotteries • Casinos, pari-mutuel betting, state-run lotteries, bingo games and pull-tab betting • Technically illegal, but can be done legally with licenses

  6. What are some illegal agreements? • Loaners must charge reasonable interest rates • Agreements involving illegal discrimination • Agreements that obstruct legal procedures • Compounding a crime: paying lawyer not to prosecute someone

  7. More illegal agreements • Agreements made without a required license • Competency license: Ensures that business can perform their services adequately • Without it, no contracts • Revenue license: Strictly to raise revenue • Business can still raise money without license, but with penalty • Agreements that affect marriage negatively • Agreements that restrict trade unreasonably

  8. Price Fixing • Competing companies agree to charge same price • Big rigging: competitors who bid on jobs agree one will be lower bidder • Deprives consumers from a lower, fair price • Agreement not to compete

  9. When will courts enforce illegal agreements? • Excusably ignorant • Does not know contract is illegal, but other party knows it is illegal • Have choice whether to enforce contract or not • Divisible: separation of legal and illegal parts of a contract • Buying pistol and other hunting supplies but fail to get handgun cleared by state • Parol evidence: words spoken prior to execution of final writing or at time of signing

  10. Statute of Frauds • Determines which types of contracts must be in writing • Buying and selling goods <$500 • Real Estate • Executed Contract: already been fully performed, Executory contract opposite • Quasi-contract: some element of enforceable contract is missing, but courts still enforce it

  11. Statute of Frauds Requirments • Names of parties • Description of subject matter • Price • Quantity • Signature • Other essential terms

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