Business Law
Business law
*CONTRACT
1) consent- both parties agreed to the conditions of the contract
The OFFER should be certain.
*Vices of consent (contract is voidable)
1) error or mistake- honest mistake in the amount/ contract. Ex: error in number of units
2) violence or force- forced someone to sign a contract. You never really want to sign it.
3) intimidation or threat or duress- same with number 2.
4) undue influence- ex: superior talking to an employee “if you did not sign the contract meaning you do not respect me”
5) Fraud or decit- voidable
2) object- the subject matter. (thing, right or service) it must be legal, public property
Oject and cause can be interchangeable ex: between seller and buyer.
3) cause/ consideration- essential or more proximate purpose. (onerous, renumeratory or gratuitous)
Form:
General rule: contracts are binding and enforceable reciprocally by the contracting parties, whatever may be the form in which the contract has been entered into,
Exceptions:
A. When the law requires that a contract be in some form to be valid B. When the law requires that a contract be in some form to be enforceable C. When the law requires that a contract be in some form for the convenience of the arties\
Must appear in public document (written document) 1) Sale of real property 2) Cession or renunciation of hereditary rights 3) Power to administer property 4) Cession of actions or rights- taking away a right 5) All other contracts where the amount involved exceeds 500.
Reformation of instruments
When the rue intention of the parties is not espressed due to:
*mistake
*fraud
*inequitable conduct
*accident
The parties may ask for reformation.
NO REFORMATION IN THE FF CASES:
Simple donations
Wills
When the real agreement is void
When one party has brought an action to enforce the instrument
INTERPRETATION OF CONTRACTS
If the terms of the contract are CLEAR. Then the literal meaning controls.
*CONTRACT
1) consent- both parties agreed to the conditions of the contract
The OFFER should be certain.
*Vices of consent (contract is voidable)
1) error or mistake- honest mistake in the amount/ contract. Ex: error in number of units
2) violence or force- forced someone to sign a contract. You never really want to sign it.
3) intimidation or threat or duress- same with number 2.
4) undue influence- ex: superior talking to an employee “if you did not sign the contract meaning you do not respect me”
5) Fraud or decit- voidable
2) object- the subject matter. (thing, right or service) it must be legal, public property
Oject and cause can be interchangeable ex: between seller and buyer.
3) cause/ consideration- essential or more proximate purpose. (onerous, renumeratory or gratuitous)
Form:
General rule: contracts are binding and enforceable reciprocally by the contracting parties, whatever may be the form in which the contract has been entered into,
Exceptions:
A. When the law requires that a contract be in some form to be valid B. When the law requires that a contract be in some form to be enforceable C. When the law requires that a contract be in some form for the convenience of the arties\
Must appear in public document (written document) 1) Sale of real property 2) Cession or renunciation of hereditary rights 3) Power to administer property 4) Cession of actions or rights- taking away a right 5) All other contracts where the amount involved exceeds 500.
Reformation of instruments
When the rue intention of the parties is not espressed due to:
*mistake
*fraud
*inequitable conduct
*accident
The parties may ask for reformation.
NO REFORMATION IN THE FF CASES:
Simple donations
Wills
When the real agreement is void
When one party has brought an action to enforce the instrument
INTERPRETATION OF CONTRACTS
If the terms of the contract are CLEAR. Then the literal meaning controls.