Will Lemond, Alex Anderl, Alex Fuery, Carter Brown

The three main providers of Internet access to the city of Miller have a problem. There are too many costumers and as a result they would have to buy new hardware to keep up with the speed the customers wanted. Instead they agreed to increase their price 30% so that there would be less customers who would be willing to pay but their revenue would still increase and they wouldn t have to buy new hardware. Is this legal?

Identify types of agreements that are illegal and unenforceable Specify illegal agreements that the courts will still enforce Know the 6 Statute of Frauds requirements for a contract

An illegal agreement is an agreement that involve contracting for an illegal act.

 They are generally void and unenforceable

Lotteries
 Casinos, pari-mutuel betting, state-run lotteries,

bingo games and pull-tab betting  Technically illegal, but can be done legally with licenses

Loaners must charge reasonable interest rates Agreements involving illegal discrimination Agreements that obstruct legal procedures Compounding a crime: paying lawyer not to prosecute someone

Agreements made without a required license

 Competency license: Ensures that business can

perform their services adequately

Without it, no contracts

 Revenue license: Strictly to raise revenue Business can still raise money without license, but with penalty

Agreements that affect marriage negatively Agreements that restrict trade unreasonably

Competing companies agree to charge same price Big rigging: competitors who bid on jobs agree one will be lower bidder Deprives consumers from a lower, fair price Agreement not to compete

Excusably ignorant
 Does not know contract is illegal, but other party

knows it is illegal  Have choice whether to enforce contract or not

Divisible: separation of legal and illegal parts of a contract

 Buying pistol and other hunting supplies but fail

to get handgun cleared by state

Parol evidence: words spoken prior to execution of final writing or at time of signing

Determines which types of contracts must be in writing

 Buying and selling goods <$500  Real Estate

Executed Contract: already been fully performed, Executory contract opposite Quasi-contract: some element of enforceable contract is missing, but courts still enforce it

1. 2. 3. 4. 5. 6.

Names of parties Description of subject matter Price Quantity Signature Other essential terms