BUISNESS LAW FINAL EXAM

What do you need to create a contract

Agreement of the Minds.

Consideration (something of value promised or received to convince deal making)

Legality (cannot be against public policy)

Contractional Capacity

Can you enforce a promise for a gift

No, a gift is not contractually enforceable. Its always a promise for a Promise.

Define Consideration

Promise for a promise, Something of value promised to other party to make the exchange worth while

Give an example of what would make a contract illegal

Underaged Participants

Under the influence while signing

preexisting duty

sale of an illegal duty

Define Statute of Frauds

Contracts must be written in order to be enforceable

When does the statute of frauds come into play

Contracts that exist over a year

Define parole Evidence Rule

Parole evidence is the communications and agreements made outside of the written contract. if there is a disagreement between both parties because of contradictions of the written contract and what was verbally promised, courts will exclude the parole evidence, and stick to strictly what was written.

List three remedies that are common for a breach of contract

Restitution

List three remedies that are common for a breach of contract

Rescission

List three remedies that are common for a breach of contract

Specific Performance

What does UCC stand for

Uniform Commercial Code (Governs the sales of Goods)

Supreme Law of the Land

Constitution