Lecture17_Law115_Contracts

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Contracts:

Contracts Law 115 | Week 9 | Lecture 17 Rachael Vaughn

Agenda:

Agenda Examples of Common Contracts Requirements for a Valid Contract Breaching a Contract Contract Remedies Parts of a Contract Negotiating, Drafting, & Amending Bilbo’s Contract Assignment 2

Examples of Common Contracts:

Examples of Common Contracts Contract to purchase a home/car/other large item Apartment lease Prenuptial agreement End user license agreement (EULA) Employment agreement Nondisclosure agreement (NDA) 3

Requirements for a Valid Contract:

Requirements for a Valid Contract A contract is an agreement between two or more parties. To be legally enforceable a contract must have 3 elements: Offer Acceptance Consideration 4 Contracts can be verbal or they can be in writing

Requirements for a Valid Contract:

Requirements for a Valid Contract 5

Requirements for a Valid Contract:

Requirements for a Valid Contract Types of contracts that do need to be in writing Transfers of real property Service contracts that cannot be performed within one year from date of agreement Sale of goods over $ 500 G uaranteeing the debt of someone else 6

Breaching a Contract:

Breaching a Contract When a valid contract exists and one of the parties fails to do something that they promised to do as part of the contract, that party has breached the terms of the contract. Material breach: excuses the non-breaching party from performing + allows the non-breaching party to sue for damages Any Old Breach : allows the non-breaching party to sue for damages but does NOT excuse the non-breaching party from performing their duties under the contract 7

Contract Remedies:

Contract Remedies 8

Contract Remedies:

Contract Remedies 9

Contract Remedies:

Contract Remedies Liquidated Damages: a specific amount set forth in the contract that the breaching party must pay if they do not perform The amount must be reasonable relative to actual loss from breach; and Harm caused by breach must be uncertain or very difficult to calculate 10

Parts of a Contract:

Parts of a Contract The basic building blocks of almost any contract include… Identity of the parties Definitions Rights and obligations of each party (payments, services, etc.) Underlying assumptions (representations and warranties) Other terms 11

Parts of a Contract:

Parts of a Contract Other terms can include… Governing law and jurisdiction Limitations on liability Dispute resolution Indemnification Entire agreement clause: statement that contract constitutes entire agreement Method for making amendments 12

Negotiating, Drafting, & Amending:

Negotiating, Drafting, & Amending 13

Bilbo’s Contract:

Bilbo’s Contract 14

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