Mutual Assent
True or False: Mistake in itself is sufficient enough to negate Mutual Assent.
FALSE, it must be a MUTUAL mistake of FACT, not related to value.
What must writing include?
All material facts
In accord and satifaction, what would constitue as performance and what would you be discharged from?
Satisfaction would be performance which is the amount agreed upon. You would be discharged from the previously disputed amount.
What type of damages are rarely awarded?
Punitive
What is the element required in fradulent misrepresentation in contracts?
Scienter
What are the types of misrepresentation can you sue for?
Fraudulent, negligent, concealment
YOU CANNOT SUE FOR: innocent and nondisclosure.
Brad is your typical broke college student and also had a slight gambling problem. All the fraternity poker parties have made him rack up a good amount of debt. One of his fellow brothers Chad is over it and insists Brad give him the $500 he owes him (Brad had a few too many Natty Lights that night but knew he couldn't pay it back). One of the pledges thinks Brad is an admiral bro (little does he know) and says he trusts Brad to pay Chad the $500 but he will pay it if he doesn't by the end of next week. Another week goes by and Brad still hasn't paid it. Who is responsible for Brad's debt and why?
The pledge would be responsible because a surety agreement was formed saying he would make good on Brad's debt
As a state with one of the largest timber industries, Georgia has a high demand for timber sales. There is a large shipment that must go out to Oklahoma ASAP and workers start fulfilling it immediately. After the day the shipment was due, they get a call from the company in Oklahome saying they only received 95% of the wood. What would a court enforce?
What is to be said about the innocent nonbreachng party and their expectancy?
There must be an expectancy to recover damages.
TRUE OR FALSE: All confidential relationships are fiduciary.
FALSE, all FIDUCIARY relationships are CONFIDENTIAL not vice versa.
Josh is a vintage reseller and sells stuff on websites such as Depop and Ebay. He finds a original Grateful Dead shirt and sells it for $350 although it has visible wear and tear. He does not write this in the memo but does provide pictures. Jeremy lovesssss the grateful dead and buys it but when he receives it he notices the wear and tear (that was depicted in the photos but he didn't care to look). What is Jeremy arguing Josh is guilty of?
Concealment
Lyndi is an artist and is asked to paint a mural in the downtown area of her small town. The mural is so large that it would take her a year to complete. Lyndi gets sick and the start date is delayed by a month. Does the contract need to be in writing?
It WOULD need to be in writing because it cannot be performed within a year from the day after the contract is formed.
David is in the business of selling Blackstone grills, unofficially named a Father's dream gift. With Father's day approaching, he is in need of a large shipment. David calls up his supplier Ricky and he ensures David he will have his grills a full week before Father's Day. As the days go by, David is grill-less and starting to get worried. Right as he was about to call Ricky he receives a call from Ricky himself. Ricky gives him this long sob story about how he can't get the grills to David on time and all David can think about is 1) all the money he is about to lose and 2) all the Karen's that will come into his shop saying how he crushed their husband's dreams by not having the precious Blackstone grills. What happens now?
Performance has been discharged by Ricky's anticipatory repudiation and David should find cover and sue Ricky for the difference.
When comparing liquidated damages provisions and penalty clauses, which is enforceable and which is unenforceable?
ENFORCEABLE liquidated damages provisions and UNENFORCEABLE penalty clause
What is the term for being ready, able and willing to perform even if performance is not due? What does this apply to?
Tender and it applies to Discharged by Non-Occurance of Condition. This means that is A's performance is conditioned upon B performing first, so A's duty doesn't arise until B performs but they should be ready to tender.
In the negotiations of a corporate merger, where Orion Dynamics, a corporate powerhouse, works to merge with Nebula Innovations, a smaller firm, Orion's executive team uses its superior market position to persuade Nebula into accepting terms that significantly tilt in Orion's favor. If Nebula later contends that the agreement was not entered into voluntarily due to Orion persuasion, what nuanced legal concept might Nebula invoke to challenge the validity of the agreement?
Confidential Relationship
Amy and Bob sign a lease agreement for an apartment, explicitly stating that all terms are included within the written document. Later, Amy claims that there was an oral agreement allowing her to have a pet in the apartment. How would the parol evidence rule apply in this situation?
The parol evidence rule would likely prevent Amy from introducing extrinsic evidence regarding the oral agreement for a pet, as the lease agreement explicitly states that all terms are included within the written document.
Sue is the town's biggest Cuisinart retailer. She buys all of her products from Lulu. Mother's day is approaching and Sue needs all the expensive mixers and food processors she can get to keep up with demand. Lulu has never failed Sue and is usually vigilent but hasn't given Sue any updates like she normally does. She calls up a local Macy's, her biggest competitor, and after they share their hatred for each other, they discuss how Lulu is allegedly in the process of changing her inventory to KitchenAid, only the biggest rival to Cuisnart. Sue calls up Lulu asking if the rumors are true and she needs to know if she will be able to fulfill her order, she does refrain from calling her a backstabbing.... you get it. What is Sue asking Lulu for?
Reasonable Assurance
Mitch is on an employment contract that says he must work 30 hrs a week and gets paid weekly. His employer instead schedules him work 40 hrs a week and has yet to pay Mitch even though he has worked there for a month. Mitch sits at home and sulks and then after about another month of not being paid, he decides its time to do something about it. What does Mitch have a duty to do?
Mitch has a duty to mitgate damages meaning he must make reasonable efforts to secure similar employment even if it pays less.
In a real estate venture involving the sale of a historic property, the buyer, Sarah, alleges that the seller, Richard, agreed to include certain antique furnishings as part of the deal. However, Richard claims there was no such agreement. If Sarah wishes to enforce the inclusion of the antique furnishings and Richard insists on the contrary, which decision would the court enforce?
Richard's decision because any agreement involving the transfer of any interest in real property must be in writing.
In a real estate transaction, if a seller unintentionally provides incorrect details about the property's zoning, leading the buyer to rely on this information, what legal concept might be invoked?
Negligent Mistake- the seller is in the best position to know about the property and has a duty to know
Alice, a homeowner, decided to sell her historic property. In a casual conversation with Bob, Alice orally authorized him to find a buyer for her property and negotiate the terms of the sale. Bobt hen entered into negotiations with Carol, a potential buyer, and the two parties reached a verbal agreement on the purchase price and closing date. Upon reviewing the written contract, Alice expressed shock at the terms and argued that the entire negotiation did not constitute a binding agreement. Who is at fault?
Bob. The Equal Dignity Rule requires the agent's authority for a contract subject to the Statute of Frauds to be in writing.
Nancy is gettingg married and is looking for a florist for her upcoming wedding. Lily is the best florist in town and Nancy hires her for the wedding. After many conversations, Lily realizes she does not have access to the flowers Nancy is insisting she NEEDSSSSS for her luxurious wedding. Nancy and her come to the agreement that Nancy should find someone else. She finds Sally, explains her dilemma and hires her immediately. If Sally cannot go through with her obligations, who is responsible for her?
Sally would be responsible for herself. A novation was formed when Sally took over for Lily because Lily did not seek out Sally, Nancy did. The contract between Nancy and Lily was rescinded when the contract between Nancy and Sally was formed.
Greenthumb Gurus is a local landscaping company. A part on their fancy lawnmower has broken and they order the part from Yamaha and explicitly tell them they need it by Tuesday or they will lose $500 a day on this huge job they must start on Wednesday morning. Yamaha does not deliver the part until Saturday morning. Greenthumb Gurus has already resorted to a substitute part from John Deere. What can Greenthumb Gurus recover from Yamaha?
Greenthumb Gurus can recover $500 per day the part was delayed and any difference in the price of the substitute parts.
Alivia and her friends are so excited to go on their senior year Spring Break trip. They booked their trip in January for the first week of April. Welllll this little thing called COVID-19 happens two weeks before and they now are not able to go due to a global pandemic. What will happen between the condo company and Alivia?
Alivia will receive the money back for her stay but the condo is discharged from having to provide the space due to Frustration of Purpose.