Mid term

Question 1

What is a contract

Answer 1

An agreement between 2 or more individuals that is enforceable by law

Question 2

What “should” be legally written down?

Answer 2

Lease agreement, labor, long-term, debts, interest

Question 3

Void contracts are…

Answer 3

Illegal and not a contract

Question 4

What is the Statue of frauds

Answer 4

Protects from being mislead without knowledge

Question 5

If a contract is voidable it…

Answer 5

Lacks one or more of the elements, has the right to cancel

Question 6

What is common law?

Answer 6

Stuff just known, morality, came before case law

Question 7

Does a contract have to be advance?

Answer 7

No

Example) the dry cleaners is a contract

Question 8

Who are the 3 people of talent agreements

Answer 8

Agents, managers, and attorney’s

Question 9

What do agents do?

Answer 9

Help with getting a job

Cap at 10%

Question 10

What do managers do?

Answer 10

Guide the entire career process, even pre-agent
Develop the client
Cap at 20%

Question 11

What does an attorney do?

Answer 11

Legalizes and finalizes what agents and managers give to clients
Can also be an A or m
Hourly, flat, or percentage fee

Question 12

What are the 7 elements of a contract?

Answer 12

Offer. And acceptance, Consideration, mutual agreement, contractual capacity, legality, proper form, genuine assent

Question 13

What is the offer and acceptance element

Answer 13

Can be changed around until a definite acceptance

Question 14

What is the consideration element?

Answer 14

It’s the exchange of value
Tangible, could be performance
Doesn’t have to be objective

Question 15

What is the mutual agreement element

Answer 15

All are interested and agree upon the contract and intend to enter a legal bond

Question 16

What is the contractual capacity element

Answer 16

Can the individual/client understand and or live up to the agreements
Depends on disability, age, intoxication, etc.

Question 17

What is the legality element ?

Answer 17

If it can or cannot be enforced in court

Question 18

What is proper form in elements

Answer 18

Is it written down? Words mean everything

Question 19

What is the genuine assent element

Answer 19

That the client agrees because they wan to
Fine line between blackmail and hard bargain
Not under duress

Question 20

What do you need to void a contract?

Answer 20

Leverage and/or evidence

Question 21

What is equity

Answer 21

Fairness, what should be allowed

Question 22

What. Is estoppel (quantum Mariut)

Answer 22

As much as you deserve, what is agreeable,

Question 23

What is “void against the public’?

Answer 23

Should not be allowed

Question 24

What is a statute

Answer 24

Comes from legislation,

Written rules that are derived from the constitution

Question 25

What does it mean to be overturned

Answer 25

To be thrown out and/or revised

Question 26

Does mutuality of the contract always mean there will be one?

Answer 26

No

Question 27

What is price-fixing?

Answer 27

Creating a not free market

Ex) all hotels keep same price

Question 28

What are anti-trust laws

Answer 28

Guarantee that. Competitors will not undersell each other with the effect of depriving the benefits of competition

Question 29

What is. Forbearance

Answer 29

Agree to refrain from doing something you have a legal right. To do