Fox Racing Income Essay

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Ch. 9 Introduction to contracts Contracts exist to make business matters more predictable judicial restraint- a court taking a passive role and requiring the parties to fulfill whatever obligations they agreed to, whether the deal was wise or foolish Judicial restraint makes the law less flexible but more predictable Judicial activism- in contract law, this means that a court will ignore certain provisions of a contract, or an entire agreement, if the judge believes enforcing the deal would be unjust. Judicial activism makes the law more flexible but less predictable. a contract has 4 elements: 1. agreement: one party must make a valid offer, the other must accept it. “meeting of the minds”. 2. Consideration: there has to be bargaining that leads to the exchange between the parties 3. legality: the contract must be for a legal purpose 4. capacity: the parties must be adults of sound mind Contract: a promise that the law will enforce is it certain that the defendant promised to do something? if she did promise, is it fair to make her honor her word? if she did not promise, are there unusual reasons to hold her liable anyway? NONCOMPETITION AGREEMENT: contract in which one party agrees not to compete with another in a stated type of business BILATERAL CONTRACT: both parties make a promise UNILATERAL CONTRACT: one party makes a promise that the other party can accept only by doing something EXPRESS CONTRACT: the two parties explicitly state all important terms of their agreement IMPLIED CONTRACT: the words and conduct of the parties indicate that they intended an agreement a contract is EXECUTORY when one or more parties has/have not fulfilled their obligations a contract is EXECUTED when all parties have fulfilled their obligations VALID CONTRACT: a contract that satisfies all of the laws

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