Contract Website Activity

Home Page

(3) Topic “Contract Law”, Name of your Law Firm, Your Name

What Must Be in a Contract? Page – subpage to HOME page

Learn About It:  Contract Basics

(5) List and describe the 5 necessary elements – page 109 of the Business Law Text

Agreement Page – subpage to What Must Be in a Contract? page

(4) Requirements of an Offer

• Learn About It:  Offer and Requirements of an Offer

• Offer – legal definition

• List three requirements of an offer

(4) Contractual Intent

• List four examples of times that contractual intent is not present in an offer

(9) Requirements of Acceptance

• Acceptance – define

• List the 3 requirements of acceptance to create an enforceable contract

• Learn About It:  Acceptance in Contracts

• Mirror Image Rule – define

• Learn About It:  Mirror Image Rule

• Bilateral Acceptance – what is it?

• Create your own example of bilateral acceptance

• Learn About It:  Bilateral and Unilateral Acceptance

• Unilateral Acceptance – what is it?

• Create your own example of unilateral acceptance

Termination of Offers Page – subpage to Agreement Page

(7) List 7 ways that offers can be terminated

Learn About It:  Ways Offers can be Terminated

(1) Revocation – define

Learn About It:  Revocation

• Create your own Example of revoking a contract

(1) Counteroffer – define

Learn About It:  Counteroffer

• Create your own example of a counteroffer

Keeping Offers Open – subpage to Agreement Page

(1) Option – define

Learn About It:  Options Contract

• Create your own example of an contract with an option

(1) Firm Offer – define

Learn About It:  Firm Offer

• Create your own example of a firm offer

CheckPoint #1 – Call Me Over to Evaluate Your Site (37 Points)

Genuine Assent Page – subpage to What Must Be in a Contract? page

(1) Genuine Assent – define

Learn About It:  Genuine Assent

(1) Voidable – define

Learn About It:  Voidable

(2) Recission – define

Learn About It:  Recission

• Explain how voiding a contract is different than rescinding a contract

(2) Ratification – define

Learn About It:  Ratification

• Create your own example of a person ratifying a contract.

How Can Genuine Assent be Found Lacking in Court? Page – subpage to Genuine Assent Page

(1) Duress – define

Learn About It:  Legal Duress

• Create your own example of duress that would make a contract voidable

(1) Undue Influence – define

Learn About It:  Undue Influence

• Create your own example of undue influence that would make a contract voidable

(4) Contractual Mistakes

• Unilateral Mistake – define

• Learn About It:  Unilateral Mistake

• Create your own example that shows a unilateral mistake, but the contract is still binding

• Mutual Mistake – define

• Learn About It:  Mutual Mistake

• Create your own example that shows a mutual mistake, and the contract is voidable

(9) Misrepresentation

• Innocent Misrepresentation – define

• Learn About It:  Innocent Misrepresentation

  • Create your own example of an innocent misrepresentation

• Fraudulent Misrepresentation – define

• Learn About It:  Fraudulent Misrepresentation

  • Create your own example of a fraudulent misrepresentation

• The three requirements for statements to be treated as misrepresentations (complete)

  • _______________________________

  • _______________________________

  • _______________________________

• Active concealment – define

• Learn About It:  Active Concealment

• Create your own example of active concealment

(5) Fraud – define

Learn About It:  Fraud

• Fraud is based on misrepresentation, but must contain two more elements --- what are they?

  1. _______________________________

  2. _______________________________

• What are the remedies available to you if someone commits fraud against you?

CheckPoint #2 – Call Me Over to Evaluate Your Site (25 Points)

Consideration Page – subpage to What Must Be in a Contract? page

(2) Consideration – define

Learn About It:  Consideration

• Create an example of a contract that contains consideration

(2)Forbearance – define

Learn About It:  Forbearance

• Create an example of a contract that contains forbearance as one side of the contract

(3) What are the three requirements of consideration in contract law:

Learn About It:  Requirements of Consideration

1. ________________________________

2. ________________________________

3. ________________________________

(6) How is consideration different than a gift?  -- make sure you answer this question

• Donor – define

• Donee – define

• Promisor – define

• Promisee – define

• Legal Value --- what is it?

• Learn About It:  Legal Value

• Does consideration need to be of equal value for both sides?

Questionable Consideration – subpage to Consideration Page

(2) Illusory Promise – define

Learn About It:  Illusory Promise

• Create your own example of an offer with an illusory promise

(2) Output Contract – define

Learn About It:  Output Contract

• Create your own example of an output contract

(2) Requirements Contract – define

Learn About It:  Requirements Contract

• Create your own example of a requirements contract

(1) Liquidated Debt – define

Learn About It:  Liquidated Debt

(1) Unliquidated Debt – define

Learn About It:  Unliquidated Debt

(1) Creditor – define

(1) Debtor – define

(2) Accord and Satisfaction – define

Learn About It:  Accord and Satisfaction

• Create your own example of accord and satisfaction with a debtor and a creditor

(2) Accord – define

• In your  example above --- point out what the accord is

(2) Satisfaction – define

• In your example above --- point out what the satisfaction is

(3) False Consideration

• Past Consideration – define

  • Create your own example of past consideration that is not valid consideration

• Gift – how can you tell the difference between a gift and a valid contract?

When is Consideration not Required?  --- subpage to Consideration Page

(7) Exceptions to the Requirement of Consideration

• Research and find 4 exceptions to the requirement of Consideration

  • _

  • _

  • _

  • _

• Statute of Limitations – define

  • 1. 1. 1. 1. • Learn About It:  Statute of Limitations

• Promissory Estoppel – define

  • 1. 1. 1. 1. • Learn About It:  Promissory Estoppel

  • Create your own example of a scenario when the court could use promissory estoppel to enforce the promise to make a gift

CheckPoint #3 – Call Me Over to Evaluate Your Site (39 Points)

Contractual Capacity --- subpage to What Must Be in a Contract? page

(1) Contractual Capacity – define

Learn About It:  Contractual Capacity

(3) What are some examples of people who lack contractual capacity? (give 3)

Protections for Those Who Lack Capacity --- subpage to Contractual Capacity page

(1) Disaffirmance – define

Learn About It:  Disaffirmance

(4) What must be done upon disaffirmance? – Rules of Disaffirmance --- Explain

(6) Contracts that cannot be disaffirmed --- give and explain 3 examples

Learn About It:  Contracts that cannot be disaffirmed

People Who Lack Contractual Capacity – subpage to Contractual Capacity page

(2) Minors

• Emancipation – define

• Learn About It:  Emancipation

• Age of Majority – define

(4) Mental Incapacity – define

Learn About It:  Who Lacks the Capacity to Contract?

• Give three examples of people that may not have the mental capacity to enter into a contract

(4) The Intoxicated

• How intoxicated must the person be?

• When will courts allow a person to disaffirm for intoxication?

Who Has Contractual Capacity in Organizations? – subpage to Contractual Capacity page

(6) Research and find what persons have what authority in an organization, create a list of jobs and the authority typically given to each job, 3 jobs with description of authority minimum

CheckPoint #4 – Call Me Over to Evaluate Your Site (31 Points)

Legality – subpage to What Must Be in a Contract? page

(2) Which agreements are illegal?  What can make a contract void on the basis of legality?

Learn About It:  Illegal Agreements

(2) Illegal Lotteries and Gambling

• Explain why these are illegal contracts

• Create your own example of an illegal gambling contract that would be voided by the court

(3) Agreements to Pay Usurious Interest

Learn About It:  Usurious Interest

• Usury – define

• Explain why these are illegal contracts

• Create your own example of an illegal contract involving usurious interest

(2) Agreements that Involve Illegal Discrimination 

• Explain why an agreement that only allows for a certain race to participate would be illegal

• Create your own example of an illegal contract involving Illegal Discrimination 

(3) Agreements Made Without a Required Competency License

• Competency license – define

• Explain why an agreement with someone who doesn’t have a valid license would be illegal

• Create your own example of an illegal contract involving someone without the proper competency license

(7) Agreements That Restrain Trade Unreasonably

• Price fixing – define

  • 1. 1. 1. • • Learn About It:  Price Fixing

• Bid rigging – define

  • 1. 1. 1. • • Learn About It:  Bid Rigging

• Allocation of markets – define

  • 1. 1. 1. • • Learn About It:  Market Allocation

• Explain why price fixing, bid rigging, and allocation of markets deals are illegal contracts

• Create your own example of an illegal contract involving price fixing

• Create your own example of an illegal contact involving bid rigging

• Create your own example of an illegal contact involving allocation of markets

The Statute of Frauds Page – subpage to Legality page

(1) Statute of Frauds – define

Learn About It:  Statute of Frauds

(3) Contracts Within the Statute of Frauds

• Give three examples of contracts that must be in writing

  1. 1. 1. 1. 1. • Learn About It:  Contracts That Need to be Written

(4) Requirements of a Written Contract

• List the items that are needed in a written contract

(2) Parol Evidence Rule --- what is it?

• Learn About It:  Parol Evidence Rule

• Create an example of a scenario in which the parol evidence rule may be used, when settling a dispute

CheckPoint #5 – Call Me Over to Evaluate Your Site (29 Points)

Transfer and Discharge of Contracts Page – subpage to Home Page

(4) The Transfer of Contract Rights and Duties

• Assignment – define

• Learn About It:  Assignment

• Assignor – define

• Assignee – define

• Obligor – define

• *A contract may be assigned to another as long as performance doesn’t materially change

(3) Situations in which contractual rights cannot be transferred: (list three)

Learn About It:  Transferring Contracts

1. __

2. __

3. __

(14) Discharge of Contractual Obligations

Learn About It:  Discharging Contracts

By Performance

• Discharge – define

• Breach of Contract – define

  • Major breach – define

    • 1. 1. 1. 1. • Learn About It:  Major Breach

  • Minor breach – define

    • 1. 1. 1. 1. • Learn About It:  Minor Breach

                    • Substantial performance – define

                    • Learn About It:  Substantial Performance

                    • Anticipatory breach – define

                    • Learn About It:  Anticipatory Breach

By the Initial Terms

• Give an example of a contract termination by the initial terms of the agreement.

By Subsequent Agreement

• Recission – define

• Substitution – explain

• Accord and Satisfaction – explain

• Novation – define

  1. 1. 1. 1. 1. • Learn About It:  Novation

By Impossibility of Performance

• Give an example of a situation in which a contract is terminated by an impossibility to perform situation

By Operation of Law

• Give an example of a situation in which a contract is terminated by an act of the law

• Alteration – define

CheckPoint #6 – Call Me Over to Evaluate Your Site (21 Points)

Remedies for Breach of Contract Page – subpage to Home Page

(1) Remedy – define

Learn About It:  Remedies for Breach of Contract

(3) Remedies for Minor Breach of Contract

• List the most common remedy for a minor breach

• Does the party injured have to continue to perform the duties defined by the contract?

• Create your own example of a minor breach of contract

(20) Remedies for Major Breach of Contract

Learn About It:  Remedies for Contract Breach

1. Rescission – what is it?

   1. Create an example of a situation where a contract is rescinded

2. Restitution – what is it?

   1. Create an example of a situation where restitution is given

3. Compensatory Damages – explain

   1. Create a scenario where compensatory damages are given

4. Consequential Damages – explain

   1. Create a scenario where consequential damages are awarded

5. Punitive Damages – explain

   1. Create an example where punitive damages are awarded

6. Liquidated Money Damages - explain

   1. Create an example where liquidated money damages are awarded

7. Nominal Damages – explain

   1. Create an example were nominal damages are awarded

8. Specific Performance – explain

   1. Create an example were specific performance is required to remedy a contractual breach

9. Injunction – explain

   1. Create an example were an injunction is used to remedy a breach of contract

10. Waiver – explain

    1. Create an example were a waiver is used to remedy a breach

CheckPoint #7 – Call Me Over to Evaluate Your Site (24 Points)