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Organize the Required Parts and Forms of a Contract

Organize the Required Parts and Forms of a Contract. Breach of Contract. Wrongful failure to perform one or more promises of a contract. Date Parties Price Intent of parties. Place Subject Matter Terms Signature of both parties. Writing must identify:. Contradictory/Ambiguous Terms.

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Organize the Required Parts and Forms of a Contract

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  1. Organize the Required Parts and Forms of a Contract

  2. Breach of Contract • Wrongful failure to perform one or more promises of a contract.

  3. Date Parties Price Intent of parties Place Subject Matter Terms Signature of both parties Writing must identify:

  4. Contradictory/Ambiguous Terms • Contradictory • Handwritten terms prevails over typed terms • Handwritten numbers prevails over figures • Ambiguous Clauses • Can be interpreted two different ways • Court favors the one who didn’t draft the contract

  5. Statute of Frauds? Requires that certain contracts must be in writing • Relates to executory contracts

  6. Examples of Statue of Frauds: Must be in Writing • Contracts to pay debts of others • Contracts to pay debts of deceased persons • Contracts requiring more than a year to perform • Contracts to sell real property • (Exception: Equitable Estoppel – must rely on promise.) • Contracts for sale of goods over $500 • Prenuptial contract (contemplation of marriage)

  7. Parol Evidence Rule • Courts assure ALL terms are written into the agreement.

  8. Changing the Writing • Read entire document • If you don’t agree with something, then cross it out and both parties initial it • Write in promises • Refuse to sign if you don’t agree contract

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