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Understanding Contract Breaches: Key Elements and Legal Considerations

This document outlines essential components of a contract breach, focusing on wrongful failure to perform contract promises. Key factors include the date, parties involved, pricing, intent, place, subject matter, terms, and signatures. It addresses issues of contradictory or ambiguous terms, emphasizing that handwritten terms take precedence over typed ones. Additionally, it discusses the Statute of Frauds, requiring certain contracts to be in writing, like those for debts, real property sales, and goods over $500. Understanding the Parol Evidence Rule ensures all terms are adequately included in agreements.

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Understanding Contract Breaches: Key Elements and Legal Considerations

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  1. Organize the Required Parts and Forms of a Contract

  2. Breach of Contract • Wrongful failure to perform one or more promises of a contract.

  3. Date Parties Price Intent of parties Place Subject Matter Terms Signature of both parties Writing must identify:

  4. Contradictory/Ambiguous Terms • Contradictory • Handwritten terms prevails over typed terms • Handwritten numbers prevails over figures • Ambiguous Clauses • Can be interpreted two different ways • Court favors the one who didn’t draft the contract

  5. Statute of Frauds? Requires that certain contracts must be in writing • Relates to executory contracts

  6. Examples of Statue of Frauds: Must be in Writing • Contracts to pay debts of others • Contracts to pay debts of deceased persons • Contracts requiring more than a year to perform • Contracts to sell real property • (Exception: Equitable Estoppel – must rely on promise.) • Contracts for sale of goods over $500 • Prenuptial contract (contemplation of marriage)

  7. Parol Evidence Rule • Courts assure ALL terms are written into the agreement.

  8. Changing the Writing • Read entire document • If you don’t agree with something, then cross it out and both parties initial it • Write in promises • Refuse to sign if you don’t agree contract

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