CONTRACTS
http://www.terry.uga.edu/~pshedd/webpresentationfiles/contracts/
1.
General
Principles
1.1
common law contracts
1.2
definition
- promise/agreement, the breach of which, the law provides a remedy
1.3
types
of contracts
1.3.1
express
1.3.2
implied
1.3.3
quasi
1.4
classifying
contracts as to validity
1.4.1
valid
1.4.2
void
1.4.3
voidable
1.4.4
unenforceable
2.
Creation
of a contract
2.1
Offer
2.2
Acceptance
2.3
Consideration
3.
offer
3.1
promise/undertaking/commitment/proposal
3.2
definite
and certain
3.2.1
terms
must be specific
3.2.1.1
identity
of the offeree
3.2.1.2
subject
matter
3.2.1.3
price
3.2.1.4
time
of payment
3.2.1.5
quantity
3.2.1.6
nature
of work
3.3
communicated
3.3.1
broader
the method of communicating the offer, the more likely it is not an offer
3.3.2
inquiries
3.4
terminating
the offer
3.4.1
revocation
3.4.1.1
detrimental
reliance
3.4.1.2
communication
3.4.1.3
effective
upon receipt
3.4.2
rejection
3.4.3
counteroffer
3.4.4
lapse
of time
3.4.5
law
3.4.6
insanity
or death
3.4.7
destruction
of subject matter
4.
acceptance
4.1
party
to whom offer is made can only accept
4.2
acceptance
must be on same terms as offer
4.2.1
UCC
difference
4.3
communication
4.3.
mail
box rule
4.4
acceptance
is effective upon receipt
5.
consideration
5.1
bargain
for exchange
5.2
what
cannot be consideration
5.2.1
past
consideration
5.2.2
pre-existing
legal obligation
6.
Defenses
6.1
mistake
6.1.1
mutual
6.1.2
unilateral
6.2
ambiguity
6.3
misrepresentation/fraud
6.4
illegality
6.5
capacity
6.5.1
age
6.5.2
mental
state
6.5.3
intoxication
6.6
statute
of frauds: the following contracts must
be in writing to be enforceable
6.6.1
executor/administrator
of a will
6.6.2
debt
of another
6.6.3
consideration
of marriage
6.6.4
real
estate
6.6.5
performance
within one year
6.6.6
goods
more than $500
6.7
unconscionability
7.
Third
Party Contracts
7.1
third
party beneficiary contracts
7.2
assignment
7.3
delegation
8.
Rules
of Construction
8.1
parol
evidence rule
8.2
conditions
8.2.1
precedent
8.2.2
concurrent
8.2.3
subsequent
9.
Discharge
9.1
performance
9.2
illegality
9.3
impossibility
9.4
recission
9.5
modification
9.6
novation
9.7
release,
cancellation
9.8
time
10.
Breach
of Contract
10.1
material
or minor breach
11.
Remedies
11.1
damages
11.1.1 compensatory
11.1.2 consequential
11.1.3 incidental
11.1.4 nominal
11.1.5 liquidated damages
11.1.5.1
uncertain,
speculative at the beginning of the contract
11.1.5.2
no
penalty
11.2
remedies
for sellers and buyers
11.2.1 seller-resell, withhold
delivery, stop delivery, cancel, recover price/damages
11.2.2 buyer-substitute goods,
cancel, cover, specific performance, damages
11.2.3 anticipatory repudiation
11.3
duty
to mitigate damages
11.4
quasi
contract