1. Contracts STREET LAW CHAPTERS 23-24

2. definition  An agreement between two or more persons to exchange something of value.

3. Elements  Offer by one party directed to a specific person  Acceptance by another  Consideration : something of value is exchanged for something else of value  Competent : all parties must be legally able to carry out the terms of the contract. Cannot be mentally ill or under the influence of any substance(s)

4. Statute of Frauds: A statute requiring certain contracts to be in writing and signed by the parties bound by the contract. The purpose is to prevent fraud and other injury. https://www.law.cornell.edu/wex/statute_of_fraudsstatutecontractfraud https://www.law.cornell.edu/wex/statute_of_frauds  Sale of land  Work that will NOT be completed within a year  Agreement to pay someone else’s debt  Marriage: prenups and breakups  Sale of goods over $500

5. Minors  Any person under the age of majority  Can make contracts but by law cannot be forced to carry out their promises and may cancel or refuse to honor their contracts  Cosign: when an adult is responsible for making payments if the minor does not honor the deal  Minors can be held to contracts that involve necessities:  food  clothing  shelter  medical aid

6. Types

7. Illegal

8. Breach  When one party fails to carry out their end of the bargain

9. Remedies: release the parties from further obligations  Expectation damages- difference in the value of what was expected and the value of what was actually received  Rescission- the court can cancel or rescind a contract  Restitution-court order for the person to give back or refund any money you have already paid  Specific performance-the buyer asks the court to make the seller carry out the specific terms of the agreement  Duty to mitigate-The duty of someone who was wronged to make reasonable efforts to limit the resulting harm. A duty to mitigate can apply to the victim of a tort or a breach of contract. Neglecting a duty to mitigate precludes the recovery of damages that could have been avoided through reasonable efforts.tortbreach of contractdamages https://www.law.cornell.edu/wex/duty_to_mitigate

10. https://www.law.cornell.edu/wex/e xample/[field_short_title-raw]_33

11. Warranties  A promise or guarantee made by the seller that goods offered for sale are not defective and will perform properly  Gives rights to the consumers  If the seller does not live up to the promises made in the warranty then the contract is breached

12. Express warranties  Statement- written, oral or by demonstration concerning the quality or performance of goods  Puffing: an opinion or an obvious exaggeration  Magnuson-Moss Warranty: warranties are either limited or full  Under full warranty?  Under a limited warranty?

13. Implied warranties  An unwritten promise, created by law, that a product will do what it is supposed to do  They only apply to goods sold directly from the dealer Warranty of Merchantability: Unwritten promise that the item is fit to be sold and will perform in at least the average way for that item “As is” or “Final sale” Warranty of fitness for a specific purpose: Exists when a consumer tells a seller that it is needed for a specific purpose or will be used in a certain way

14. Implied continued… Warranty of Title: A seller’s promise that he or she owns the item being offered for sale Strict Liability: Consumers may be able to collect evidence based on the negligence of the manufacturer or seller or on a legal theory *

15. Disclaimer

16. References  Arbetman, Lee P. and O’Brien, Edward L. (2010). Street law: a course in practical law. Columbus, OH: Glencoe  https://www.google.com/imgres?imgurl=https://hawaiiesquire.files. wordpress.com/2012/01/oral-contract- formed.jpg&imgrefurl=https://hawaiiesquire.wordpress.com/2012/01 /31/draw-the-law-contracts-part-iv-oral-vs-written- contracts/&h=765&w=718&tbnid=Sh0fX45TfkWkVM:&docid=x- kh0h255bgfOM&ei=QxKpVsHhHYuyeq3alogK&tbm=isch&ved=0ahU KEwiBj7mX1crKAhULmR4KHS2tBaEQMwgeKAIwAg  https://leeschwartzesq.wordpress.com/2013/01/28/five-reasons-you- need-a-written-contract/ https://leeschwartzesq.wordpress.com/2013/01/28/five-reasons-you- need-a-written-contract/  https://www.pinterest.com/pin/184155072233069485/