class 10 contracts.ppt
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  • 1. INTRODUCTION TO COMMMERCIAL REAL ESTATE MANAGEMENT 490 October 28, 2009
  • 2. Next Two Classes: Contracts
    • General Contract Law Principles
    • Commercial Real Estate Contracts
      • RANM Form ______ Vacant Land Sale and Purchase Agreement
  • 3. What is a Contract?
    • Legally enforceable agreement to do (or not do something)
    • Express Contract
    • Implied Contract
    • Bilateral Contract
    • Unilateral Contract
  • 4. Legal Effect of Contracts
    • Enforceable
    • Void
      • Never went into effect
    • Voidable
      • Obligations can be avoided by a party
    • Unenforceable
      • Once enforceable, but no longer enforceable
  • 5. Essentials of a Valid Contract
    • Competent Parties
      • Minors
      • Incapacitated Persons
      • Duress
      • Power of Attorney
      • Entities
        • Corporations
        • Limited liability companies
        • Trusts
  • 6. Essentials of a Valid Contract
    • Mutual Agreement/Meeting of the minds
      • Complete agreement on all essential terms
    • Offer and Acceptance
      • Accept
      • Reject
    • Counteroffer
      • Acts like a new offer that can be accepted or rejected
  • 7. Essentials of a Valid Contract
    • Lawful Objective
      • Unlawful
      • Against public policy
    • Consideration
      • Legal consideration
      • Exchange of promises
      • Adequacy of consideration
  • 8. Essentials of a Valid Contract
    • Contract must be in writing
      • Statute of Frauds
      • New Mexico Statute of Frauds
      • Why should contracts be in writing?
      • Parole evidence rule
        • New Mexico rule-almost anything can be ambiguous
  • 9. When a Contract May not be Valid
    • Fraud
      • Intention to deceive
    • Misrepresentation
      • Reckless
      • Negligent
    • Mutual mistake
      • Mutual mistake of fact (not law)
    • Lack of Capacity
  • 10. Performance of Contracts
    • Performance/Discharge of Contracts
    • Assignment of Contracts
      • “personal” contracts not assignable
    • Novation
      • Substitution of a new contract
    • Inability to Perform
      • Deceased person
      • Corporate existence ceases
  • 11. Breach of Contract
    • Failure to perform vs. default
      • Notice and cure periods
      • Usually governed by terms of contract
      • If not, law will determine when default occurs
      • No remedy until there is a “default”
  • 12. Remedies for Default
    • Partial Performance
    • Unilateral Rescission
    • Money Damages
      • Incidental damages
      • Consequential damages
      • Attorneys’ fees and costs
    • Liquidated Damages
    • Specific Performance
    • Mutual Rescission
  • 13. Defenses against Enforcement
    • Statute of Limitations
      • Purpose
      • New Mexico: suit must be brought within six years for an action based on breach of a written contract
      • New Mexico: four years for fraud or negligence claims