1. Part 3- 2015

2.  Consideration  Capacity  Writing  Legality  Other contract materials

3.  Both sides gain something  Fair but not necessarily equal  Give, trade and legal value must be proven

4.  To take back consideration  MUST occur before ratification to be effective

5.  A promise NOT to do something you have a legal right to do  Ex) Rather than to pay back a loan, you ask for an extension of time to NOT pay

6.  A grossly unfair contract for one side  Being taken advantage of

7.  An “INTENTIONAL” misrepresentation of an existing fact  Misleading someone on purpose

8.  Very important detail to one side of a contract

9.  A change in the parties legal position as a result of the contract  Ex) You gain $20, I get my law mowed

10.  Promising a gift and making it an enforceable contract in court  Must show a legal detriment in order to win a case involving a promise

11.  Agreeing that a debt exists and to its amount  Ex) Getting a “correct” bill in the mail

12.  A contract overseen by UCC Law (Retailers) in which a promise stays open for at least 3 months  When a store gives a customer a rain check

13.  Using an improper threat to obtain an agreement

14.  Overseen by Common Law  Usually collateral is involved (Something of value used to keep the offer open)  Ex) Giving a person $40 so you can have a week to decide if you want to buy their car

15.  Ability to understand a contract and its terms  Protected groups include minors, intoxicated and mentally impaired  Intoxication is never an absolute defense  Only protects groups against luxury goods purchases (Non-necessaries) even if a minor lies about their age

16.  Age of minority is the shortest timeframe of a persons life (Birth to 18)  Age of Majority is the longest time of a persons life (18- end of your life)  Anyone within the age of minority is a minor

17.  Banking contracts  Major Commitments (Military, student loans)  Insurance contracts  Sale of reality  Apartment contracts in some states

18. When contracts “Must” be in writing to be considered valid  $500+  Takes more than 1 year to complete  Promise to pay the debt of another  Marriage with consideration  Sale of real property

19.  Exam Wednesday/Thursday  #2 pencil  Book turn in THANK YOU for being a wonderful class… Its been a great year and I wish you nothing but the best!