CHAPTER 10 Legal Purpose and Proper Form
17
Law for Business and Personal Us Law for Business and Personal Us © Thomson South-Western CHAPTER 10 Legal Purpose and Proper Form 10-1 Illegal Agreements 10-2 The Statute of Frauds
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CHAPTER 10 Legal Purpose and Proper Form. 10-1 Illegal Agreements 10-2 The Statute of Frauds. 10-1 Illegal Agreements. GOALS Identify various forms of illegal agreements Distinguish agreements that, although illegal, the courts will enforce. FOCUS. - PowerPoint PPT Presentation
Transcript of CHAPTER 10 Legal Purpose and Proper Form
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
CHAPTER 10Legal Purpose and Proper Form
10-1 Illegal Agreements
10-2 The Statute of Frauds
Chapter 10Slide 2
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
10-110-1 Illegal Agreements
GOALS Identify various forms of illegal
agreements Distinguish agreements that, although
illegal, the courts will enforce
Chapter 10Slide 3
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
FOCUS
Identify types of contracts that society, through its courts of law, should not enforce even though all the essential elements for an enforceable contract are present.
Chapter 10Slide 4
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
WHICH AGREEMENTS ARE ILLEGAL?
Illegal lotteries Agreements to pay usurious interest Agreements involving illegal discrimination Agreements that obstruct legal procedures Agreements made without a required
competency license Agreements that affect marriage negatively
Chapter 10Slide 5
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
WHICH AGREEMENTS ARE ILLEGAL?
Agreements that restrain trade unreasonably Price fixing Resale price maintenance Allocation of markets Agreements not to compete
(continued)
Chapter 10Slide 6
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Name four of the eight illegal agreements discussed in this section.
Chapter 10Slide 7
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
WHEN WILL THE COURTS ENFORCE ILLEGAL AGREEMENTS?
Protected victims The excusably ignorant Rescission prior to illegal act Divisible contracts
Chapter 10Slide 8
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Under what circumstances will the courts enforce illegal agreements?
Chapter 10Slide 9
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
10-210-2 The Statute of Frauds
GOALS Explain why the Statute of Frauds is
necessary and what it requires Identify the main instances when the
Statute of Frauds requires a writing Understand the rules of contract
interpretation
Chapter 10Slide 10
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
FOCUS
Must all contracts be in writing?
Chapter 10Slide 11
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
WHY HAVE A STATUTE OF FRAUDS?
Contracts within the Statute of Frauds Executed contracts Executory contracts
Requirements of the writing Statute of Frauds requirements UCC requirements Special rules for signatures
Chapter 10Slide 12
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Name the six essential elements in a writing required by the most demanding Statutes of Frauds standards.
Chapter 10Slide 13
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
TYPES OF CONTRACTS WITHIN THE STATUTE OF FRAUDS
Contract for the sale of goods for $500 or more
Contract to sell an interest in real property
Contracts that require more than one year to complete
Chapter 10Slide 14
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
TYPES OF CONTRACTS WITHIN THE STATUTE OF FRAUDS
Contract to pay a debt or answer for another’s debt Exception—main purpose rule
Contract for which the consideration is marriage
(continued)
Chapter 10Slide 15
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Name the five types of executory contracts that require a writing.
Chapter 10Slide 16
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
HOW ARE CONTRACTS INTERPRETED?
Integration clause Specific rules of interpretation
Analysis Conflicting terms Words Authors of ambiguity Implied reasonableness
Parol evidence rule Exception to the parol evidence rule
Chapter 10Slide 17
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Explain the parol evidence rule.
