Mid term Flashcards
What is a contract
An agreement between 2 or more individuals that is enforceable by law
What “should” be legally written down?
Lease agreement, labor, long-term, debts, interest
Void contracts are…
Illegal and not a contract
What is the Statue of frauds
Protects from being mislead without knowledge
If a contract is voidable it…
Lacks one or more of the elements, has the right to cancel
What is common law?
Stuff just known, morality, came before case law
Does a contract have to be advance?
No
Example) the dry cleaners is a contract
Who are the 3 people of talent agreements
Agents, managers, and attorney’s
What do agents do?
Help with getting a job
Cap at 10%
What do managers do?
Guide the entire career process, even pre-agent
Develop the client
Cap at 20%
What does an attorney do?
Legalizes and finalizes what agents and managers give to clients
Can also be an A or m
Hourly, flat, or percentage fee
What are the 7 elements of a contract?
Offer. And acceptance, Consideration, mutual agreement, contractual capacity, legality, proper form, genuine assent
What is the offer and acceptance element
Can be changed around until a definite acceptance
What is the consideration element?
It’s the exchange of value
Tangible, could be performance
Doesn’t have to be objective
What is the mutual agreement element
All are interested and agree upon the contract and intend to enter a legal bond
What is the contractual capacity element
Can the individual/client understand and or live up to the agreements
Depends on disability, age, intoxication, etc.
What is the legality element ?
If it can or cannot be enforced in court
What is proper form in elements
Is it written down? Words mean everything
What is the genuine assent element
That the client agrees because they wan to
Fine line between blackmail and hard bargain
Not under duress
What do you need to void a contract?
Leverage and/or evidence
What is equity
Fairness, what should be allowed
What. Is estoppel (quantum Mariut)
As much as you deserve, what is agreeable,
What is “void against the public’?
Should not be allowed
What is a statute
Comes from legislation,
Written rules that are derived from the constitution
