04/01/24
when looking for a law you look at a statute when there is no statute you look at previous cases
- charge more than the usual interest rate- its a crime
- restrictive/ non covenant clause=
- exculpatory clause=
● read material for session 18
● contract is equal valid if its written or oral but now a new statute come sup and tell us
different (statute of fraud)
04/03/24
- u can not have a blank incomplete cost standing on its own
- geographic and time limitations must be reasonable
- can get an injunction- close a business down if other side is wrong
- First thing to apply if a agreement is going to be enforceable
1) is it part of another agreement
2) reasonable for time and geography (court is more concerned with geography)
Commercial lender- get initial money back not including interest
regualr lender- dont get any money back
- always make sure to Llosa t interest and see if it’s reasonable
voidable contracts- legall, be turned into something
void contract- cant be turned into anything because lacks essential elements
04/08/24
there is an end date ina an oral contract- not enforceable
there is no end date given in an oral contract- enforceable
possibility test- if it is possible to do something whether it is probable it becomes irrelevant
Guarantee-
void= voidable (read as)
if the contract is a special contrcat to be answered for the debt of another= need the guarentors
signature
Executory contract- needs to be signed by all parties- = contract that has not been fully
performed and both owe each other something in the future
statute of frauds doesn’t apply- to a bilateral executory contract
real estate contract, sales of good over a certain amount not including services)= signature
required
typically their are brokers involved but you don’t have to. They know who’s looking for
something, or someone trying to sell and they can put the two together. Broker gets payed a
commission. A transaction takes place.
At the time u have a real estate transaction u have two stages
, 1) Contract stage
2) closing stage
Real estate- not personal property
Goods include anything other than real estate or services
04/10/24
Estro account- attorney for the seller would hold for the seller. Doesn’t get the 10%.
- BUYER BECOMES THE OWNER ONLY ON THE SECOND STAGE- closing stage. Title
is passed to the seller from the buyer. This is done by using the deed- registered at the
courthouse.
- There is a time gap between stage one and stage two. So they can get time to borrow
the money and check into the legal title of the property. They want to make sure the
property isn’t at a burden with all judgements and leagues because it will affect the
closing stage.
Q- how does statue of frauds impact us
A- because the statute of fraud requires a writing, must have real estate transaction toon in
writing or else you have nothing
Gol 5-703= Both the rule and the exception to signature and writing.
Q- When do we need a writing and signature in a real estate deal and when do we not
A- need writing in any real estate deal, do not need the writing in a lease that does not exceed
one year do not need to be writing form
sales of goods- not signature required if under $500. If it is $500 or more signature is required.
Look at the price before tax because tax is different everywhere
statute of frauds- requires writing and signature (from the buyer) because the goods in question
exceed $500.
Payment has been made in accepted- is the only exception to the signature and written form.
merchant memo rule
04/15/24
- admission- does not open you up to an entire contract
- can not just say that statute of fraud applies you must explain what it is
- merchant memo rule-
- —————————————————————————————————
2 kinds of conditions
1) condition precedent- condition first then performance happened before
2) condition subsequent- party will start acting immediately but if something pops up they
stop. Perform immediately and conditions happens but you can stop performing
- both conditions but different kinds
when looking for a law you look at a statute when there is no statute you look at previous cases
- charge more than the usual interest rate- its a crime
- restrictive/ non covenant clause=
- exculpatory clause=
● read material for session 18
● contract is equal valid if its written or oral but now a new statute come sup and tell us
different (statute of fraud)
04/03/24
- u can not have a blank incomplete cost standing on its own
- geographic and time limitations must be reasonable
- can get an injunction- close a business down if other side is wrong
- First thing to apply if a agreement is going to be enforceable
1) is it part of another agreement
2) reasonable for time and geography (court is more concerned with geography)
Commercial lender- get initial money back not including interest
regualr lender- dont get any money back
- always make sure to Llosa t interest and see if it’s reasonable
voidable contracts- legall, be turned into something
void contract- cant be turned into anything because lacks essential elements
04/08/24
there is an end date ina an oral contract- not enforceable
there is no end date given in an oral contract- enforceable
possibility test- if it is possible to do something whether it is probable it becomes irrelevant
Guarantee-
void= voidable (read as)
if the contract is a special contrcat to be answered for the debt of another= need the guarentors
signature
Executory contract- needs to be signed by all parties- = contract that has not been fully
performed and both owe each other something in the future
statute of frauds doesn’t apply- to a bilateral executory contract
real estate contract, sales of good over a certain amount not including services)= signature
required
typically their are brokers involved but you don’t have to. They know who’s looking for
something, or someone trying to sell and they can put the two together. Broker gets payed a
commission. A transaction takes place.
At the time u have a real estate transaction u have two stages
, 1) Contract stage
2) closing stage
Real estate- not personal property
Goods include anything other than real estate or services
04/10/24
Estro account- attorney for the seller would hold for the seller. Doesn’t get the 10%.
- BUYER BECOMES THE OWNER ONLY ON THE SECOND STAGE- closing stage. Title
is passed to the seller from the buyer. This is done by using the deed- registered at the
courthouse.
- There is a time gap between stage one and stage two. So they can get time to borrow
the money and check into the legal title of the property. They want to make sure the
property isn’t at a burden with all judgements and leagues because it will affect the
closing stage.
Q- how does statue of frauds impact us
A- because the statute of fraud requires a writing, must have real estate transaction toon in
writing or else you have nothing
Gol 5-703= Both the rule and the exception to signature and writing.
Q- When do we need a writing and signature in a real estate deal and when do we not
A- need writing in any real estate deal, do not need the writing in a lease that does not exceed
one year do not need to be writing form
sales of goods- not signature required if under $500. If it is $500 or more signature is required.
Look at the price before tax because tax is different everywhere
statute of frauds- requires writing and signature (from the buyer) because the goods in question
exceed $500.
Payment has been made in accepted- is the only exception to the signature and written form.
merchant memo rule
04/15/24
- admission- does not open you up to an entire contract
- can not just say that statute of fraud applies you must explain what it is
- merchant memo rule-
- —————————————————————————————————
2 kinds of conditions
1) condition precedent- condition first then performance happened before
2) condition subsequent- party will start acting immediately but if something pops up they
stop. Perform immediately and conditions happens but you can stop performing
- both conditions but different kinds
