Organize the Required Parts and Forms of a Contract

Breach of Contract Wrongful failure to perform one or more promises of a contract.

Writing must identify: Date Parties Price Intent of parties Place Subject Matter Terms Signature of both parties

Contradictory/Ambiguous Terms Handwritten terms prevails over typed terms Handwritten numbers prevails over figures Ambiguous Clauses Can be interpreted two different ways Court favors the one who didn’t draft the contract

Statute of Frauds? Requires that certain contracts must be in writing Relates to executory contracts

Must be in Writing: Contracts to pay debts of others Contracts to pay debts of deceased persons Contracts requiring more than a year to perform Contracts to sell real property (Exception: Equitable Estoppel – must rely on promise.) Contracts for sale of goods over $500 Prenuptial contract (contemplation of marriage)

Parole Evidence Rule Courts assure ALL terms are written into the agreement.

Changing the Writing Read entire document If you don’t agree with something, then cross it out and both parties initial it Write in promises Refuse to sign if you don’t agree contract