STUVIA 2024/2025
Business Law 3220 EXAM 2 (10,11,12)
- ✔✔Chapter 10: Contracts
- ✔✔Chapter 11: Requirements for a Contract
- ✔✔Chapter 12: Performance of a Contract
- attempts to exclude an intentional tort or gross negligence
- the affected activity is in the public interest (medial care)
- the parties have greatly unequal bargaining power
- clause must be clearly written and readily visible (usually in all caps on a contract) -
✔✔unenforceable exculpatory clauses
- Delegation would violate public policy
- The contract prohibits delegation
- The obligee has a substantial interest in personal performance by the obligor - ✔✔An obligor may
delegate his duties unless
- Direct Damages that flow directly from the contract
%
- most common monetary reward - ✔✔Expectation Intrest
- Puffery: intentional/reckless misrepresentation of fact
- Materiality: the statement must be important, likely to influence the decision of the misled party
Justifiable reliance: must show they actually relied on the false statement and that the reliance was
reasonable - ✔✔Elements of Fraud
- State with reasonable certainty: name of each party, subject matter of the agreement
- All essential terms and promises
- Signature placed on each page to indicate acceptance - ✔✔Written contracts must...
- the are reasonable necessary for the protection of the employer
- provided a reasonable time and geographic limit
- not harsh or oppressive (jury decision)
- not contrary to public policy - ✔✔In the absence of specific state statutes, non-compete
agreements are enforceable if...
"As much as he deserves" - the damages awarded in a quasi-contract case - ✔✔Quantum Merit
stuvia
, STUVIA 2024/2025
"Special Damages" - damages that result from unique circumstances; unique plaintiff -
✔✔Consequential damages
1. Is it certain the defendant promised to do something?
2. If there was a promise, is it fair to make them honour their word?
3. If there was no promise, should we hold them liable anyway? - ✔✔3 Basic Questions
1. offeror: proposes a deal
2. offeree: accepts deal in a specific way
3. exchange: must be an exchange between parties
4. legality: contract must be for a lawful purpose
5. capacity: both parties must be adults of sound mind
6. consent: no trickey/force (extortion) to form the contract
7. writing: land, service contracts longer than a year, etc. must be written; not all contracts have to be
in writing. - ✔✔7 Key Characteristics of a Contract
1. Value: did one party receive a benefit that had measurable value?
2. Bargained-for exchange: the promises must include a benefit and detriment to induce the promise.
- ✔✔Elements of Consideration
%
A contract for both goods and services; court must determine the primary purpose of the contract. -
✔✔Mixed Contract
A contract in which one party agrees not to compete with another in a stated type of business -
Reasonable in time, geographic area, and scope of activity - ✔✔non-compete agreement
A contract provision that tries to hold one party not liable for contract damages. (i.e. amusement
parks, Arline tickets, concert tickets) - ✔✔Exculpatory Clause
A contract where parties intend to bargain but law prevents it. - ✔✔Unenforceable Contract
a court order that forces or limits the performance of some act by a private individual or by a public
official - ✔✔Injunction
A court will award money or other relief to a party injured by a breach of contract. - ✔✔Remedies
A legally enforceable agreement - ✔✔Contract
A person to whom a promise is made. - ✔✔Promisee
stuvia
Business Law 3220 EXAM 2 (10,11,12)
- ✔✔Chapter 10: Contracts
- ✔✔Chapter 11: Requirements for a Contract
- ✔✔Chapter 12: Performance of a Contract
- attempts to exclude an intentional tort or gross negligence
- the affected activity is in the public interest (medial care)
- the parties have greatly unequal bargaining power
- clause must be clearly written and readily visible (usually in all caps on a contract) -
✔✔unenforceable exculpatory clauses
- Delegation would violate public policy
- The contract prohibits delegation
- The obligee has a substantial interest in personal performance by the obligor - ✔✔An obligor may
delegate his duties unless
- Direct Damages that flow directly from the contract
%
- most common monetary reward - ✔✔Expectation Intrest
- Puffery: intentional/reckless misrepresentation of fact
- Materiality: the statement must be important, likely to influence the decision of the misled party
Justifiable reliance: must show they actually relied on the false statement and that the reliance was
reasonable - ✔✔Elements of Fraud
- State with reasonable certainty: name of each party, subject matter of the agreement
- All essential terms and promises
- Signature placed on each page to indicate acceptance - ✔✔Written contracts must...
- the are reasonable necessary for the protection of the employer
- provided a reasonable time and geographic limit
- not harsh or oppressive (jury decision)
- not contrary to public policy - ✔✔In the absence of specific state statutes, non-compete
agreements are enforceable if...
"As much as he deserves" - the damages awarded in a quasi-contract case - ✔✔Quantum Merit
stuvia
, STUVIA 2024/2025
"Special Damages" - damages that result from unique circumstances; unique plaintiff -
✔✔Consequential damages
1. Is it certain the defendant promised to do something?
2. If there was a promise, is it fair to make them honour their word?
3. If there was no promise, should we hold them liable anyway? - ✔✔3 Basic Questions
1. offeror: proposes a deal
2. offeree: accepts deal in a specific way
3. exchange: must be an exchange between parties
4. legality: contract must be for a lawful purpose
5. capacity: both parties must be adults of sound mind
6. consent: no trickey/force (extortion) to form the contract
7. writing: land, service contracts longer than a year, etc. must be written; not all contracts have to be
in writing. - ✔✔7 Key Characteristics of a Contract
1. Value: did one party receive a benefit that had measurable value?
2. Bargained-for exchange: the promises must include a benefit and detriment to induce the promise.
- ✔✔Elements of Consideration
%
A contract for both goods and services; court must determine the primary purpose of the contract. -
✔✔Mixed Contract
A contract in which one party agrees not to compete with another in a stated type of business -
Reasonable in time, geographic area, and scope of activity - ✔✔non-compete agreement
A contract provision that tries to hold one party not liable for contract damages. (i.e. amusement
parks, Arline tickets, concert tickets) - ✔✔Exculpatory Clause
A contract where parties intend to bargain but law prevents it. - ✔✔Unenforceable Contract
a court order that forces or limits the performance of some act by a private individual or by a public
official - ✔✔Injunction
A court will award money or other relief to a party injured by a breach of contract. - ✔✔Remedies
A legally enforceable agreement - ✔✔Contract
A person to whom a promise is made. - ✔✔Promisee
stuvia
