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Contracts

Part 2

QuestionAnswer
Contract "a promise, or set of promises, for breach of which the law gives a remedy, or the performance of which the law in some way recognizes a duty.
Examples of Contracts in Sport Game contracts, player/coach contracts, licensing, scholarships, facility leases, concessions, media/broadcast rights, sponsorships, independent contractors
2 Types of Contracts 1.) Bilateral Contract 2.) Unilateral Contract
Bilateral Contract A contract consisting of the two promises and both parties are bound to perform conditional.
Unilateral Contract A contract involving an exchange of a promise in return for an act by the second party.
Elements of a Contract 1.) Offer 2.) Acceptance 3.) Consideration 4.) Capacity 5.) Legality
Offer A conditional promise to one party.
Offer explicity states the contract's Parties, subject matter, time and place for performance, price to be paid.
Acceptance The offeree agrees to the terms set forth in the offer by some positive form. Must mirror the offer, as to the offer's essential terms. If acceptance does not mirror offer, there is a counter-offer.
Power of Acceptance is terminated when: 1. Counter-offer (rejects original offer) 2. Rejection (either express or reasonable time) 3. Lapse of Time 4. Revocation (may withdraw offer) 5. Death/Incapacity
Consideration Consideration is an exchange of value, wherein one party agrees through a bargaining process to give up or do something in return for the other party doing the same.
Capacity An individual has the ability, competence, or capacity to comprehend the terms of the contract and the repercussions for breach of the terms contained thererin.
People that cannot legally enter into contracts 1. Minors 2. Individuals with mental defects 3. Individuals under the influence of drugs and/or alcohol 4. Unauthorized agents of an organization, corporation, or labor union.
Minors Individuals that have not reached the age of majority. Waivers are not binding for minors.
Legality terms of the contract must be legal. Courts will not enforce contracts involving illegal: Goods, services, torts, or conduct.
Factors effecting the enforceability of a contract Misrepresentation, undue influence, duress, mistake, statute of frauds , parol evidence rule.
Parol Evidence Rule Prohibits the admission of oral statements, preliminary agreements, or writings made prior to or at the time of the final written contract.
Theory behind Parol Evidence Rule The contract speaks for itself and is intended to be the final expression of the parties' intent. Exception: when the contract is ambiguous.
Can an employer enforce an employment contract signed by an employee? NO! Indentured servitude is illegal, cannot ensure quality of work.
Non-compete clause in employment contracts Must be reasonable in time, and reasonable in geography.
Other clauses to Consider Right of first refusal, quality of merchandise, signage (size/placement, production expenses), indemnification clause (reimbursement), proof of insurance, no compete clause.
Promissory Estoppel Individual relied on a promise to his/her own substantial detriment. Must be "reasonable reliance." A method of making an unenforceable contract enforceable/binding.
Exculpatory Documents 1. Waiver 2. Informed Consent Agreement
Waiver A contract in which the participant relinquishes the right to pursue legal action against the service provider in the event that (ordinary) negligence of the provider in the event that negligence of the provider results in an injury to the participant.
Informed Consent Agreement A document used to protect provider from inherent and informed risks of a treatment or program to which the signer is subjected.
2 components of Exculpatory Documents 1. Disclosure 2. Consent
Legal Basis/History behind Exculpatory Documents The Nuremberg Code (1947) - permissible medical experiments, proceedings in Helsinki.
Created by: kil4261
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