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Contract Law
Law covering the establishment, administration of contracts (legally enforceable agreements), the rights and obligations of those entering into contracts, the validity of contracts and disputes over contracts.
2,211 Questions
Is a contract legal if it is not initialed?
Probably. But WHY isn't each page initialed? Is it an oversight? Or was the person who didn't "initial" it communicating some disagreement with the language of the contract? The really important thing is that it's signed. Some contracts have to be in writing and signed, per the Statute of Frauds or the Uniform Commercial Code. Other contracts can be binding if done verbally or part verbally and part in writing, but if the written part has a space for somebody's signature and that person didn't sign it, how can you say there was a meeting of the minds and a real agreement? Not signing is a big problem. Not initialing each page is a smaller problem that is less likely to void the contract.
What can you do for a breach of a contract?
There are several:
1. Recission, where the contract is cancelled, both parties excused, and any advance payments are returned,
2. Reformation, where the contract is altered to reflect what was actually intended,
3. Specific performance, where the court orders that the exact terms of the contract are executed,
4. Compensatory damages, to cover losses incurred as a result of non-performance,
5, Consequential and incidental damages, to cover "forseeable losses" as a result of the breach
6. Punative damages, to punish a person for willfull breach
7. Liquidated damages, those specified in the contract if the terms are not met.
What is the principle of the conservation of mass?
It is where if nothing is let in or let out of a substance the mass will not change. For example, if you had a bottle with a substance in it and nothing passed in or out of that bottle, the mass would be the same no matter if a chemical reaction occurred inside the bottle.
This makes sense, since mass is made up of atoms, and if the amount of atoms is the same then the mass won't change.
Can you cancel the contract after closing on a house?
If a buyer is allowed to get out of a home purchase after a closing, it will state that in the contract. Discovering a shocking defect with the property that was not disclosed can potentially get the buyer out of the contract after the closing.
The law of contract is not the whole law of agreement nor is it the whole law of obligation?
That is true.
Agreements can be made witout forming a contract. A gift, for example is an agreement to give and to receive but because there is no consideration (repayment), it is not a contract.
Likewise, contracts are not the only way to create obligations. The obligation of duty of care for the welfare of others, for instance, resides in Tort law created by common law or statutory law, or both.
What is an example of the objective theory of contracts?
The Pepsi Harrier Jet case. In a 1995 TV commercial Pepsi offered a Harrier jet as a reward for its Pepsi points customer give away. The ad said that the jet could be obtained for 7 million points. While the main method of obtaining Pepsi points was to drink Pepsi and redeem points from bottle caps, the company also allowed points to be purchased for ten cents each. John Leonard decided he was going to get that Harrier Jet.
The normal cost to obtain a Harrier jet was more than $23 million dollars. If Leonard bought all the points he would have needed to redeem for the jet it would cost him just $700,000. After raising money from friends and family, Leonard bought 7 million Pepsi points.
Attempting to enforce what he thought was a valid law of contract, he sent the 7 million points he had purchased, as well as 15 Points he had obtained from other means, and an order form on which he demanded that Pepsi supply him with a Harrier jet.
What are the differences between actual breach and anticipatory breach of contract?
Breach of contract is where one party to a contract fails to abide by a contractual obligation. This occurs after the obligation to perform a certain act comes due. I.e., I give you $20 and you will give me your basketball by Friday. Friday comes and goes, and you didn't give me your basketball. Breach of contract.
Anticipatory breach is where one party makes a clear, unequivocal statement to the effect that he will not perform his contractual obligations. This occurs before the deadline to perform occurs. To use the stupid basketball example above, if you tell me on Thursday, "There's no way in hell I'm giving you that basketball tomorrow. Want your $20 back? Sue me! Ha!" That would be an anticipatory repudiation of the contractual obligation to give me the basketball on Friday. Even though you're telling me on Thursday, before your obligation to give me the ball comes due (on Friday), I have the right to treat it as an actual breach of contract and sue.
Of course, with anticipatory breach, if you retract your repudiation before the deadline to perform rolls around, you are OK - provided that I have not done anything in reliance on your anticipatory repudiation. I.e., Thursday you tell me there's no way you're giving me that basketball, but then Thursday night you say, "I take it back. You'll get your ball tomorrow." That would make you no longer in breach - as long as I did not rely on the breach and go out and buy a new basketball or something.
What is the difference between a tort and contract?
A contract is a legally binding agreement. Torts, otherwise known as 'civil wrongs' allow the wronged party to claim damages against the 'guilty' party. The most common tort is probably negligence, and others include trespass and defamation.
Can a verbal agreement override a will?
You haven't provided enough detail.
A verbal agreement may constitute a binding agreement or contract although it must meet certain requirements. Whether the parties have a valid contract is a determination that must be made by a judge. Some agreements must be in writing in order to be binding. These include transactions regarding real estate and an agreement to make a Will.
What is a contract that lets your rent someone else's possessions?
A rental agreement can be used to rent tangible property owned by another.
Is money lending a valid contract?
It depends on the contract
If you are borrowing from a bank or other valid institution I will guaranty the contract will be valid and enforceable.
If you are borrowing from your local loan shark, the "contract" may not be valid, but do you want to take the chance?
Can I sue someone who borrowed money without a written record of it?
Absolutely. A valid promissory note does not have to be in writing. The practical problem you will have is proving that the person borrowed the money. Without a written document, it could become just your word against the other person's You could lose the lawsuit, not because there was not written document, but because you weren't able to prove the debt.
Is a purchase order a legal document?
In brief, A purchase order (PO) is a commercial document issued by a buyer to a seller, indicating items, quantities, and agreed prices for products or services the seller will provide to the buyer. Sending a PO to a supplier constitutes a legal offer to buy products or services. Hence, this is considered as a legal document.
Did Puchi Lavoe Contract the aids virus from Hector Lavoe?
no puchi did not contract the aids virus from hector lavoe. even in the later years of there relationship, they had still used protection.
Are contracts made by minors enforceable?
Notes on contracts and minors:
Generally speaking a minor cannot enter into a legally binding contract.
A contract with a minor is not enforceable (except when they are an emancipated minor). It can be voided. Someone who has not yet reached the age of majority cannot sign a legally binding contract. It is possible that they can 'affirm' or 'accept' the contract once they come of age, making it valid.
Generally speaking no, not for the terms contained in the contract itself. However, if the minor deliberately perpetrated fraud in an attempt to gain services or products, (such as a credit card); he or she may be held liable for restitution and/or possibly face penalties both civil and criminal depending on the applicable laws of the state of jurisdiction. In cases involving credit card fraud there may have been federal violations as well.
A minor can enter into a contract. However, most contracts cannot be enforced against minors. (They are voidable, at the request of the minor.) For that reason, most people are hesitant to enter into a contract with a minor. However, the minor can enter a contract, can choose not to void it, and can enforce it against the other party.
In general, minors cannot enter into contracts. In most states, someone is a minor if he or she is under 18, though there may be variations. Therefore, if a minor signs a contract but later wants to get out of it, he or she can usually do so. For this reason, it is a good idea to have the minor's parents sign the agreement if you don't want it voided in the future. The most common justification for the rule is to protect minors from assuming obligations which they are not capable of understanding. It is obvious to see that this will lead to harsh results, so some general exceptions have been created.
What is the difference between contract of indemnity and guarantee?
A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent.
In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person;
while, in a contract of guaranty, the obligation is to answer for the debt, default, or miscarriage of another to the person with whom the contract is made.
How old do you have to be to write a petition?
Voting age. In other words, legally speaking, an adult.
Statute of limitations on breach of contract in North Carolina?
The statute of limitations in North Carolina is three-years on securities fraud. There is a discovery rule applied to the law so that statue begins when the suing party finds evidence of wrongdoing.
Why is HIV such a dangerous and potentially fatal virus?
It disables your immune system. That means that something like the common cold can be fatal for someone with HIV.
A breach of contract is just that, a failure to abide by the agreement. A tort refers to damages that can be shown when there was no specific contract. Depending on the jurisdiction some actions may be brought as a breach of contract or a tort, or specify which is appropriate. An example is when someone is injured by something under warranty.
What are the five elements which must be present in a contract to make it valid?
Agreement
Consideration
Legal Object
Competent Parties
Legal Form
What can be the Examples of specialty contract or contract under seal?
Examples of a specialty contract or contract under seal include property deeds and a construction contract. Another example would be business transactions.
