BSL 212 Lecture Notes - Lecture 3: American Law Institute
19 Jan 2017
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Document Summary
Contract law: is the basis for all legal dealings. Promise: some manifestation or demonstration of the intent to act or refuse to act. Mutual assent: the parties must manifest by words or conduct their agreement to enter into a contract. Consideration: both parties must intentionally exchange a legal benefit or incur a legal detriment as the inducement for the other party to enter into the contract. Legality: the purpose must not be criminal, tortious, must not be contrary to public policy. Capacity (contractual): minors, intoxicated persons, incompetent persons do not have capacity. Express/implied contracts: express = words, implied = conduct. Executed/executory: executed = when a contract is completed vs executory = when a contract has yet to be completed. The statute of frauds said it has to be in writing. [state] common law: all the decisions judges have made, precedents (each state has its own common law)
