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BUSINESS LAW EXAM REVIEW

BUSINESS LAW EXAM REVIEW. Part 3- 2015. Part 3 of 3 contents. Consideration Capacity Writing Legality Other contract materials. What is consideration?. Both sides gain something Fair but not necessarily equal Give, trade and legal value must be proven. Rescission.

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BUSINESS LAW EXAM REVIEW

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  1. BUSINESS LAW EXAM REVIEW Part 3- 2015

  2. Part 3 of 3 contents • Consideration • Capacity • Writing • Legality • Other contract materials

  3. What is consideration? • Both sides gain something • Fair but not necessarily equal • Give, trade and legal value must be proven

  4. Rescission • To take back consideration • MUST occur before ratification to be effective

  5. Forbearance • A promise NOT to do something you have a legal right to do • Ex) Rather than to pay back a loan, you ask for an extension of time to NOT pay

  6. Unconscionable • A grossly unfair contract for one side • Being taken advantage of

  7. Fraud • An “INTENTIONAL” misrepresentation of an existing fact • Misleading someone on purpose

  8. Material • Very important detail to one side of a contract

  9. Legal Value • A change in the parties legal position as a result of the contract • Ex) You gain $20, I get my law mowed

  10. Promissory Estoppel • Promising a gift and making it an enforceable contract in court • Must show a legal detriment in order to win a case involving a promise

  11. Liquidated DEBT • Agreeing that a debt exists and to its amount • Ex) Getting a “correct” bill in the mail

  12. Firm Offers • A contract overseen by UCC Law (Retailers) in which a promise stays open for at least 3 months • When a store gives a customer a rain check

  13. Duress • Using an improper threat to obtain an agreement

  14. Options contracts • Overseen by Common Law • Usually collateral is involved (Something of value used to keep the offer open) • Ex) Giving a person $40 so you can have a week to decide if you want to buy their car

  15. Capacity • Ability to understand a contract and its terms • Protected groups include minors, intoxicated and mentally impaired • Intoxication is never an absolute defense • Only protects groups against luxury goods purchases (Non-necessaries) even if a minor lies about their age

  16. Timeframes • Age of minority is the shortest timeframe of a persons life (Birth to 18) • Age of Majority is the longest time of a persons life (18- end of your life) • Anyone within the age of minority is a minor

  17. Minors cannot get out of these contractual agreements • Banking contracts • Major Commitments (Military, student loans) • Insurance contracts • Sale of reality • Apartment contracts in some states

  18. STATUTE OF FRAUDS When contracts “Must” be in writing to be considered valid • $500+ • Takes more than 1 year to complete • Promise to pay the debt of another • Marriage with consideration • Sale of real property

  19. Any questions? • Exam Wednesday/Thursday • #2 pencil • Book turn in THANK YOU for being a wonderful class… Its been a great year and I wish you nothing but the best!

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