For the last class, you are going to negotiate a contract with another student as your final project. The facts applying to the contract negotiation will be given during class. After the contract terms are negotiated, you will have to write (IN CLASS) a contract and include all of the required material terms. The requirements are what you have been studying when you read Chapters 9, 10, 11, 12, 13, 14, and 15. Of these chapters, pay particular attention to chapters 13, 14, and 15.
For this discussion answer the following questions:
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- What information (called “essential terms” in the text) must be included in a contract for it to be enforceable?
- What is contract “consideration?” Why is it so important? Should the consideration be expressly stated in the contract?
- What criteria should you use when including a covenant not to compete in a contract?
- What is the Statute of Frauds? How would you structure a contract to make sure it did not violate the statute of frauds?
- What is the Parole Evidence Rule? List and explain the exceptions to this rule.
- What types of remedies can be included in a contract to protect yourself from the other party’s breach of the contract? Explain the function of each type of remedy.