Essay about Business law notes

Submitted By lizzie2595
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Chapter 14- 17
Different statues of fraud and what kind of contracts covered within
Parole evidence: any evidence that happens prior to the contract being signed
Pg 352: question #1
Chapter 15
Third parties
Beneficiary 3rd party intended to benefit even if isn’t in contract
Creditor: if promisee is fulfilling some duty the 3rd party benefic. is called this
Intended: someone who enforces contract made between two other parties
Incidental: someone who benefits from situation but no right to enforce agreement
Donee: promisee making the gift @Test: fax situation: donor, creditor, and incidental?
Assignment and Delegation
Assignment: transferring contract rights, ( of right under a contract)
Delegation: transferring contract duties ( of a duty to someone else)
@ How rights are assigned pg 362 read for test
what rights assignable: any contract right may be assigned unless assignment, forbidden by law, validly precluded by contract itself substan. Change: public policy contract prohibition
How rights are assigned: Writing consideration notice to obligator Gratuitous assign.: assignment made as a gift for no consideration Rights of the parties after assignment
Once assignment is made and obligor notified, assignee may enforce contractual rights against obligator
Assignors Warranty:
Security interest: legal right in personal property that assures payment Novation: take one party off and placed another one,

Chapter 16th
Performance and discharge
Discharge: party let go Rescind: new contract, terminate previous contract
Conditions pg 376
Condition precedent: Duty creating event; expresses conditions
Expressed (state), Implied (clear in agreement)
Condition subsequent: duty ending event Difference subsequent/ precedent: must see who proves whether condition occurred
Concurrent condition: both parties must perform simultaneously Strict/ Substantial Performance pg 380
Strict: required to do everything in contract, no deviation Substantial: occurs when one party fulfills enough of its contract, not completely from contract but most completed
Personal Satisfaction Contracts
Personal satisfaction contract: promisee makes subjective evaluation of promisor’s performance; employment contracts
Court applies subjective standard may only be applied if assessing the work involves personal feelings, taste, judgment, and contract explicitly demanded personal satisfaction; subjective standard: promisee’s personal views greatly influence her judgment even decision is foolish
Other cases, court applies an objective standard to the promisee’s decision.
Time of the essence Clause: contract dates strictly enforceable
When one party breaches aocntract, ht other party is discharged
Material: courts discharge only if a party committed material breach; one that harms the innocent party and therefore, its harder to compensate without discharging
Anticipatory: not honor contract
Statute of limitation: not a breach, what kind of lawsuits, gen 4 years from the breach of the contract. Time limit within injured party must file suit
True: something has happened making it impossible to do what the