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UCSD—Contract Law

UCSD—Contract Law. Jack Friery Contract Law UCSD Extension. Course Overview. Objective Practical knowledge of contract elements Recognition of contract issues Approach Analyze contract law principles Examine the elements of a contract Do team and individual practical exercises.

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UCSD—Contract Law

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  1. UCSD—Contract Law Jack Friery Contract Law UCSD Extension Jack Friery, Esq.

  2. Jack Friery, Esq. Course Overview • Objective • Practical knowledge of contract elements • Recognition of contract issues • Approach • Analyze contract law principles • Examine the elements of a contract • Do team and individual practical exercises

  3. Jack Friery, Esq. Contract Overview • What’s a “Contract”? • Risk allocation? • Express? • Implied? • Enforceable? • Void or voidable?

  4. Jack Friery, Esq. Overview (con’t) • Contract types • Express or implied? • Written or oral? • “Quasi-contracts”

  5. Jack Friery, Esq. Overview (con’t) • Elements of valid contract • Offer • Acceptance • Consideration • Lawful purpose • Competent parties

  6. Jack Friery, Esq. Offer • Defined • Offeror proposes • Offeree disposes • Elements • Intent/jokes • Communication • Definiteness

  7. Jack Friery, Esq. Offer (con’t) • Essential terms: • Price • Subject matter • Parties • Time of performance

  8. Jack Friery, Esq. Offer (con’t) • Communication to offerees • Are ads offers? • Revocation of offers • Expiration of offers

  9. Jack Friery, Esq. Acceptance • Defined • Legal manifestation of assent • Saying “yes” the right way • Mirror image rule • Common law rule • Clarifications

  10. Jack Friery, Esq. Acceptance (con’t) • Identity of offeree • Offers to a group • Bilateral or unilateral contract? • Act or promise? • Who decides? • Significance: when contract arises • Counteroffers • Common law • UCC

  11. Jack Friery, Esq. Acceptance (con’t) • How to accept • Conduct • Words • Mailbox rule • Acceptance effective when mailed? • Silence as acceptance • Common law

  12. Jack Friery, Esq. Consideration • Defined • Contracts vs. gifts • Mutuality • Benefit? • Detriment?

  13. Jack Friery, Esq. Consideration (con’t) • Past consideration • Moral consideration • Illusory promises • Preexisting duties • Is the consideration sufficient? • One dollar

  14. Jack Friery, Esq. Consideration (con’t) • Contract modifications • New consideration needed? • Accord & satisfaction • Good-faith disputes

  15. Jack Friery, Esq. Legality & Capacity • Capacity • Age • Necessaries • Mental capacity • Temporary • Declared incompetence • Intoxication • Does other party have to be aware?

  16. Jack Friery, Esq. Legality & Capacity (con’t) • Legality: • Inherently illegal • Technically illegal • Severability clause • Voidability

  17. Jack Friery, Esq. Contractual Intent • Intent defined: subjective or objective? • How would a reasonable person view these facts and circumstances?

  18. Jack Friery, Esq. Mistake • Mistake • Unilateral • Examples • Remedy? (limited) • Bilateral (mutual) • Rescission • Reformation

  19. Jack Friery, Esq. Fraud & Duress • Fraud & misrepresentation • Negligent misrepresentation vs. active fraud • Duress • Physical • Economic • Psychological/mental • Form contracts: enforceable?

  20. Jack Friery, Esq. Writings • Statute of Frauds: do you need a writing? • Real property • Goods >$500 • Marriage • One-year rule • Lifetime contract? • Part performance—the panacea (cure-all)

  21. Jack Friery, Esq. Writings (con’t) • What’s a “writing”? • Cocktail napkin? • Series of incomplete writings? • Emails? • Parol evidence rule • Conflicting verbal and written deals

  22. Jack Friery, Esq. Third Parties • Assignment • Rights • Delegation • Duties • Contract novation—switching a party

  23. Jack Friery, Esq. Enforcement by a Third Party • Third party beneficiaries • Mentioned in contract? • Differing status—can a 3rd party sue either party to the contract? • Creditor • Donee

  24. Jack Friery, Esq. Contract Conditions • Covenants vs. conditions • Covenant=promise • Every contract contains a covenant • Conditions • Examples: insurance policy; alimony agreement • Can initiate or kill a duty

  25. Jack Friery, Esq. Contract Conditions(con’t) • Conditions • Precedent • Subsequent • Concurrent • Implied-in-fact • Implied-in-law

  26. Jack Friery, Esq. Performance & Discharge of Obligations • Effect of performance • Performance/breach • Material breach • Minor breach • “Punch list” items • Rescission by the parties

  27. Jack Friery, Esq. Discharge of Obligations (con’t) • Conditions: met or missed • Failure to cooperate • Anticipatory repudiation • Saying “no” before your time comes • Test: unequivocal statement

  28. Jack Friery, Esq. Discharge of Obligations (con’t) • Insolvency • Bankruptcy—is the contract over, or is it still being performed? • Executory contracts • Executed contracts

  29. Jack Friery, Esq. Discharge of Obligations (con’t) • Impossibility • Objective impossibility • Commercial impracticability • Role of Force Majeure • Death of party • Destruction of subject matter • Failure of consideration

  30. Jack Friery, Esq. Breach, Damages & Remedies • Compensatory damages • “Make whole” damages • Buyer—”cover” • Seller—lost profits • Incidental damages • Expenses • Consequential damages • Test: foreseeabilty

  31. Jack Friery, Esq. Remedies (con’t) • Liquidated damages • Rules for imposing • Can’t be penal • Caps on damages • Limitation of damages • Third-party liability • Specific performance • Punitive damages for breach?

  32. Jack Friery, Esq. E-Contracts • Electronic contracts • Email? • Electronic signatures--Federal E-SIGN Act • Defined • Effect

  33. Jack Friery, Esq. UCC • Article 2: Sale of goods • Applicability • Dollar amount? • Merchant or not? • What are “goods”? • Article 2A: Leases of goods • CISG: International sales of goods

  34. Jack Friery, Esq. UCC (con’t) • General principles • Merchant or non-merchant? • Good faith & fair dealing • Course of dealing • Trade usage & custom

  35. Jack Friery, Esq. UCC (con’t) • Offer/acceptance/consideration • Relaxed rules/commercial reality • Battle of the forms: new and different terms in the acceptance • Merchants • Non-merchants

  36. Jack Friery, Esq. UCC (con’t) • Writing requirement • Rule • Exceptions • Effect of missing terms • Fill-in-the-blanks rules

  37. Jack Friery, Esq. UCC (con’t) • Warranties • Express • Samples/models/catalog • Implied • Merchantability (Hong v. Marriott) • Fitness for a particular purpose

  38. Jack Friery, Esq. UCC (con’t) • Shipment terms • Risk of loss • Role of insurance • Written request for adequate assurances

  39. Jack Friery, Esq. UCC (con’t) • Performance • Breach • Damages • Buyer • Seller • Statute of limitations

  40. Conclusion Questions? Jack Friery, Esq.

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