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Valid contracts

Elements of a valid contract

QuestionAnswer
What are 4 elements of a valid contract? Mutual Assent, Consideration, Legality of Purpose, and Capacity of the parties
What is the fifth element of a contract that the Statutes of Frauds adds/imposes in certain cases? That there must be a writing evidenced to satisfy the Statutes of Frauds.
At Common Law, is an oral agreement valid? Explain. Yes, an oral contract is enforceable as a written contract, very legal.
What kind of writing will satisfy the Statutes of Frauds? Must be a writing, contains the essential terms of the agreement, and signed by the party being charged.
A enters into an oral agreement with B. A sells his house to B for $200,000, is this a valid contract? No this is not, must have a writing evidenced to satisfy the Statutes of Frauds. This is a sale of Real Estate.
A enters oral agreement with B, A finds out can get out of contract, writes letter and signs it. B sues A, who wins? Explain. B wins, sale of real estate, letter A writes satisfies the Statutes of Frauds.
What is the purpose behind the Statutes of Frauds? To prevent Fraud, preventing someone who made a contract saying they didn't have a contract.
A promise/agreement evidenced by a writing to answer for or pay the debt of another. Suretyship provision or a collateral promise
Does a promise to pay your own debt have to be evidence by a writing to satisfy the Statutes of Frauds? No
Bob Jr. has bad reputation, wants to buy merchandise from Home Depot for $200, HD says no, Bob Sr. offers to pay if Bob Jr. doesn't, HD sues Bob Sr., who wins? Explain. Bob Sr. wins because this type of an agreement has to be evidenced by a writing to satisfy the Statutes of Frauds.
Bob Sr. buys merchandise from Home Depot for $200, and wants delivered to his son Bob Jr. Bob Sr. doesn't pay, Home Depot sues Bob Sr., who wins? Explain. Home Depot wins because there doesn't need to be a writing evidenced by the Statutes of Frauds to pay your own debts.
Where the main purpose behind promising to answer for or pay the debt of another is to secure an advantage for the promisor. Primary promise or the Main Purpose Rule
A oral contract with AB Construction, AB hires Bob's Plumbing - Charlie & Dave - employees, Bob can't pay C & D, AB offers to pay C & D if they finish the job, job finished, Bob can't pay, AB won't pay. C & D sue AB, who wins? Explain. This is the Main Purpose Rule where the contract is treated as a primary promise because AB is getting the benefit of the job getting done. This is enforceable, so C & D wins.
Before a beneficiary can inherit property, the debt of the descendant must be paid first. Probate Law
Estate of X has $180,000 in assets, and 30,000 in debt, also has 3 children, how much money do they receive? $50,000, take the $180,000 and subtract out the $30,000 which leaves $150,000 and divide this amount by 3.
Estate of X has $180,000 assets and $180,000 debt, also has 3 children, how much money do they get? 0 because there is nothing left after paying the debts.
Estate of X has $180,000 in assets, and $3,000,000 in debt, also has 3 children, how much money do they get? Do they have to pay any of the debt? Explain. 0, because there is nothing left after paying the debts. They do not owe anything because children are not responsible for their parents debts.
X dies - funeral, children crying, creditors arrive talk good about father, says he would pay if he was alive, would they do the same. Children say yes, they would pay their fathers debts. Is this valid? No, because this is a promise of an executor or administrator to personally pay the debts of an estate, there has to be a writing to satisfy the Statutes of Frauds.
A enters into oral agreement with B to sell home for $200,000. Is this valid? Explain. No, this is not valid because the sale of real estate has to be evidenced by a writing to satisfy the Statutes of Frauds.
A enters into oral agreement with B to sell home for $200,000. B pays to A $25,000, and moves in. Is this a valid contract? Explain. Yes, actions speak louder than words, B acted and A allowed.
If two people fall in love and want to get married, does there have to be a writing evidenced to satisfy the Statutes of Frauds? No, there does not have to be a writing to satisfy the Statutes of Frauds, they are in love.
60 yr male, 24 yr female, male wants trophy wife, female has child; female wants wealth, male promises orally to pay for child's college if they marry, 3 yrs. later, divorce, female says wants trust fund, what happens? Male wins because this is a contract for consideration of marriage and must be evidenced in writing to satisfy the Statutes of Frauds.
Created by: crazyredhead1965