Chapter 5: Law of Contracts

1
Chapter 5 Law of Contracts

• Lecture Outline

2
Types of Contracts

• Express versus implied
• Quasi contract
• Bilateral versus unilateral
• Executory versus executed

3
Essentials of a Valid Contract

• Competent parties
• Mutual consent
• Offer
• Acceptance
• Counter offer
• Revocation
• Definitions
• Mistakes
• Legal purpose
• Consideration

4
Void and Voidable Contracts

• Fraud misrepresentation
• Duress and menace
• Undue influence
• Options to Contract
• Right of first refusal brokers license
• Partnership licenses
• Corporation licenses
• Nonresident licenses

5
License Renewals

• Grounds for Disciplinary Action
• Statute of limitations
• Criminal liability
• Restricted license
• Education Research and Recovery Allocation

6
Contractual Remedies

• Monetary damages
• Compensatory damages
• Punitive or exemplary damages
• Nominal damages
• Liquidated damages
• Wavier of damages
• Equitable remedies
• Specific performance
• Reformation
• Injunction
• Declaratory relief
• Rescission
• Waiver

7
Assignment of Contract

• Statute of Frauds
• Foreign language
• Parol Evidence Rule
• Estoppel
• Statute of Limitations
• Laches
• Seals
• Judgments