1. Jody Blanke, Professor Computer Information Systems and Law

2. Contract Law As Private Law Willing parties can agree to do most anything Freedom of contract Meeting of the minds

3. Private Law Contract between Major League Baseball and the Players Association - Collective Bargaining Agreement (311 page PDF file)Collective Bargaining Agreement (311 page PDF file) free agent salary cap luxury tax NHL (a league that used to play ice hockey in Canada and the U.S.)

4. Basic Requirements An agreement between the parties Consideration Capacity Legality

5. Consideration Each party must provide something of value Money, property, services, forebearance e.g., Hamer v. Sidway – the rich uncle case e.g., Jennings v. KSCS Courts will not examine the adequacy of the consideration

6. Capacity Age – law protects minors Voidable contract Exception for necessaries Mental competency Void contract Voidable contract Intoxication

7. Legality Contracts must have a legal purpose cannot take out a contract for that noisy neighbor cannot purchase a gram of cocaine gambling? e.g., Durado Beach Hotel v. Jernigan

8. Statute of Frauds An oral contract is as legally valid as a written contract unless the law requires it to be in writing …as good as… if executed before 100 clergy people of all faiths willing to come to court and testify

9. Must Be In Writing Contract to transfer an interest in real property Contract that cannot be performed within 1 year Contract to pay the debts of another Contract made in contemplation of marriage dowry agreement prenuptial agreement Contract for the sale of goods greater than $500 UCC drafters recommend increase to $5,000

10. Standard Form Contracts Read them Modify them and get written approval from authorized representative Use attachments if necessary e.g., letters, memos, specifications Ambiguities interpreted against the drafter

11. Choice of Law/Forum Written contracts often contain choice of law and choice of forum clauses These will generally be enforced as long as there is a connection to the state Some states may also require that the choices be fair