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Unit 6

Unit 6 . Contracts. Definition. An agreement between two or more parties enforceable in court. Elements of a contract. Competent parties Proper subject matter Offer Acceptance Consideration (detriment). Competent parties. Age Sound mind Exception for necessaries

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Unit 6

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  1. Unit 6 Contracts

  2. Definition • An agreement between two or more parties enforceable in court.

  3. Elements of a contract • Competent parties • Proper subject matter • Offer • Acceptance • Consideration (detriment)

  4. Competent parties • Age • Sound mind • Exception for necessaries • Void versus voidable contracts

  5. Proper subject matter • Not illegal • Not (excessively) immoral

  6. Meeting of the minds • Offer must contain material terms • Newspaper ads - invitation to make an offer • Acceptance must be unqualified • Qualified acceptance is a counteroffer • Terminates offer • Grudging acceptance

  7. Consideration/Detriment • Exchange of value • Need not be money

  8. Types of contracts • Express bilateral • Promise for a promise • Express unilateral • Promise for an act • Exception to advertising exception • Implied (Quasi-contract) • Implied in fact (real contracts where assent is implied) • Implied by law • restitution to prevent unjust enrichment

  9. Statute of frauds • Some contracts must be in writing to be enforceable • Current NC requirements • Exceptions • Partial performance • Promissory estoppel

  10. Parol evidence rule • Written contract • Prior or contemporaneous oral statements barred • Except to clarify ambiguous terms • Subsequent oral statements admissible • Unless barred by an integration clause

  11. Remedies • Money damages • Specific performance • Negative injunction • Rescission and restitution

  12. Defenses • Impossibility • Impracticability • Mistake

  13. Stipulated (liquidated) damages • No penalties • Reasonably related to actual damages

  14. Time • Statute of limitations • Laches (equity)

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