unit 6 contracts. definition n an agreement between two or more parties enforceable in court
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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 Void versus voidable contracts
Proper subject matter
Not illegal Not (excessively) immoral
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
Consideration/Detriment
Exchange of value Need not be money
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
Statute of frauds
Some contracts must be in writing to be enforceable
Current NC requirements Exceptions
– Partial performance– Promissory estoppel
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
Remedies
Money damages Specific performance Negative injunction Rescission and restitution
Defenses
Impossibility Impracticability Mistake
Stipulated (liquidated) damages
No penalties Reasonably related to actual damages
Time
Statute of limitations Laches (equity)
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