FACC 400 Lecture Notes - Lecture 4: Anticipatory Repudiation, Specific Performance, Oral Contract
4 Jun 2018
School
Department
Course
Professor
February 5th, 2018
Lecture 4
Part 1: General Contract Rules
Part 2: Laws and Regulations governing Professional Practice
1.1 Contracts basics
1.2 Breach of Contract
1.3 Contract Preparation
Contract basics
• A otat does’t hae to e legal etified douet
• A verbal agreement constitutes a contract
• If you can convince a court that you have an oral contract, it could be accepted
Consent
• Mutual agreement is required
• You cant have a contract with someone that does’t hae the ight to sig a otat
(minor)
• The person must be authorized to sign a contract
• A regulation might have o be adopted first
Effects
• a contract only affects the contracting parties
Formal demand for execution
• must be delivered by certified mail
• to eleets ae euied: if oe of the paties does’t oply, the otat ould
terminate.
Cancellation of the contract
• if one party is unsatisfied there has to be an agreement reach
interpretation
• the text should be clear and applied as written
Performance
• a paty ould take legal atio if the othe paty does’t fulfill thei oligatios
Remedies
• self-help remedies -> termination for anticipatory repudiation
Redress through the court
• Quantum Meruit → as much as is reasonably deserved for time spent and materials
supplied)
• If damages are not appropriate, courts have the power to order specific performance of
a contract
find more resources at oneclass.com
find more resources at oneclass.com
