Contract Law

These flashcards cover key concepts, definitions, and important details from contract law, focusing on the elements, remedies, and types of contracts.

Restatement of Contracts

A written collection by legal scholars to help guide judges and lawyers.

Contract

A promise, or set of promises, for breach of which the law gives a remedy.

Required elements of a contract

Offer, Acceptance, Consideration, Legality, and Capacity.

Offer

Creates the power of acceptance in contract law.

Acceptance

Must always be conducted by the offeree.

Consideration

Each party must provide something of value or benefit given up by each party.

Legality in contract law

The contract must have a legal purpose.

Capacity

Minors and mentally incompetent individuals lack capacity to enter into valid contracts.

Ways an offer can be rejected

1. Rejection or counteroffer, 2. Lapse of time, 3. Revocation by the offeror, 4. Death or incapacity of the offeror or offeree.

Typical provisions within a contract

Party designations, term length, warranties/representations, obligations/duties, termination.

National Letter of Intent (NLI)

Contract that student-athletes sign with universities.

Employment contracts in sports

Contracts between professional athletes and franchises, involving large sums of money.

League collective bargaining agreement

A contract between players (union) and owners (league), includes the uniform player contract.

Endorsement contract

Allows athletes to be compensated beyond salaries and companies to use NIL in promotions.

Bobby Bonilla Day

On July 1 each year until 2035, Bobby Bonilla receives $1.9M annually from a deferred payment agreement with the Mets.

Coaches' contracts

High salaries, benefits, and termination terms.

Game contracts

Contracts for the game or contest itself.

Event contracts

Contracts covering overall events that may include several games.

Waiver and release

A form of contract signed before an event where participants absolve organizers of liability.

Lease agreements in sports

Agreements between a facility owner and a team, including offer, acceptance, and consideration (rent/payments).

Parol evidence rule

A rule that governs what types of evidence can be introduced when a contract is evidenced by writing.

Statute of Frauds

Requires certain contracts (e.g., sale of land, goods over $500) to be in writing.

Types of contract remedies

Compensatory, Punitive, Treble, Expectation, Consequential, and Liquidated damages.

Expectation damages

Damages that can be recovered for a breach of contract by the non-breaching party.

Consequential damages

A remedy claimed by the plaintiff against the defendant for indirect losses.

Alternative dispute resolution

Forms include Arbitration (final and binding) and Mediation (agreement between parties).

Specific performance

A court order requiring a defendant to perform contract terms.