Mid term Flashcards

1
Q

What is a contract

A

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

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2
Q

What “should” be legally written down?

A

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

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3
Q

Void contracts are…

A

Illegal and not a contract

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4
Q

What is the Statue of frauds

A

Protects from being mislead without knowledge

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5
Q

If a contract is voidable it…

A

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

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6
Q

What is common law?

A

Stuff just known, morality, came before case law

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7
Q

Does a contract have to be advance?

A

No

Example) the dry cleaners is a contract

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8
Q

Who are the 3 people of talent agreements

A

Agents, managers, and attorney’s

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9
Q

What do agents do?

A

Help with getting a job

Cap at 10%

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10
Q

What do managers do?

A

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

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11
Q

What does an attorney do?

A

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

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12
Q

What are the 7 elements of a contract?

A

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

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13
Q

What is the offer and acceptance element

A

Can be changed around until a definite acceptance

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14
Q

What is the consideration element?

A

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

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15
Q

What is the mutual agreement element

A

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

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16
Q

What is the contractual capacity element

A

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

17
Q

What is the legality element ?

A

If it can or cannot be enforced in court

18
Q

What is proper form in elements

A

Is it written down? Words mean everything

19
Q

What is the genuine assent element

A

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

20
Q

What do you need to void a contract?

A

Leverage and/or evidence

21
Q

What is equity

A

Fairness, what should be allowed

22
Q

What. Is estoppel (quantum Mariut)

A

As much as you deserve, what is agreeable,

23
Q

What is “void against the public’?

A

Should not be allowed

24
Q

What is a statute

A

Comes from legislation,

Written rules that are derived from the constitution

25
What does it mean to be overturned
To be thrown out and/or revised
26
Does mutuality of the contract always mean there will be one?
No
27
What is price-fixing?
Creating a not free market | Ex) all hotels keep same price
28
What are anti-trust laws
Guarantee that. Competitors will not undersell each other with the effect of depriving the benefits of competition
29
What is. Forbearance
Agree to refrain from doing something you have a legal right. To do