Business Law
Genuine Assent
Are you for real?
-Valid, void, voidable.
-Valid: perfectly fine contract.
-Void: contract cannot be used.
-Voidable: a party of the contract has the right to declare it void.
-Unilateral Mistake: mistake by one party, has no effect on the contract. Contract must be followed, even with mistakes. Valid contract.
-Mutual Mistake: mistake made by both parties. Causes agreements to be void. -Existence of subject matter. -Nature of the agreement. (For some really good reason, one of the parties does not understand the contract. Ex., language barriers, old people with very little education.) -Identity of person. -Subject matter identity.
-Duress: use of improper threat or action to obtain an expression of agreement.
-Undue Influence: using a position of trust or authority to dominate another party.
-Misrepresentation: untrue statement is one if fact or there is active concealment (PUFFERY). -The statement is material (and important fact) to the transaction. -The victim reasonably relied on the statement.
-Fraud: misrepresentation plus: -Intent. -Cause injury.
COMPETENT PARTIES
Competent Parties:
-Legal capacity to contract.
-Contractual Capability: The ability to understand the consequences of a contract.
Things that can cause someone to be incapable of contracting:
-Incarcerated.
-Legally insane.
-Under the influence.
-Minors.
-Age of majority. -Disaffirmance.
-Agreements that minors cannot disaffirm from:
-Employment. (year long work contract, etc.) -Professionals. (professional athletes, actors, singers, etc.) -Luxuries vs. Necessities. (you cannot disaffirm necessities, but you can for luxuries) -Emancipated Minors. -Military. -Student Loans. -Marriage.
-Ratification: Once you reach majority age, you are bound to all the contacts you made as a minor.
-All or None rule: If you are going to disaffirm your contract, you have to disaffirm the entire contract. Not
Are you for real?
-Valid, void, voidable.
-Valid: perfectly fine contract.
-Void: contract cannot be used.
-Voidable: a party of the contract has the right to declare it void.
-Unilateral Mistake: mistake by one party, has no effect on the contract. Contract must be followed, even with mistakes. Valid contract.
-Mutual Mistake: mistake made by both parties. Causes agreements to be void. -Existence of subject matter. -Nature of the agreement. (For some really good reason, one of the parties does not understand the contract. Ex., language barriers, old people with very little education.) -Identity of person. -Subject matter identity.
-Duress: use of improper threat or action to obtain an expression of agreement.
-Undue Influence: using a position of trust or authority to dominate another party.
-Misrepresentation: untrue statement is one if fact or there is active concealment (PUFFERY). -The statement is material (and important fact) to the transaction. -The victim reasonably relied on the statement.
-Fraud: misrepresentation plus: -Intent. -Cause injury.
COMPETENT PARTIES
Competent Parties:
-Legal capacity to contract.
-Contractual Capability: The ability to understand the consequences of a contract.
Things that can cause someone to be incapable of contracting:
-Incarcerated.
-Legally insane.
-Under the influence.
-Minors.
-Age of majority. -Disaffirmance.
-Agreements that minors cannot disaffirm from:
-Employment. (year long work contract, etc.) -Professionals. (professional athletes, actors, singers, etc.) -Luxuries vs. Necessities. (you cannot disaffirm necessities, but you can for luxuries) -Emancipated Minors. -Military. -Student Loans. -Marriage.
-Ratification: Once you reach majority age, you are bound to all the contacts you made as a minor.
-All or None rule: If you are going to disaffirm your contract, you have to disaffirm the entire contract. Not