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Lesson 5: Contracts - Part 2 Chapter 13-Legality Why is illegal contract a contradiction in terms? List the typical kinds of contracts made illegal by statute

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Lesson 5: Contracts - Part 2

Chapter 13-Legality

Why is illegal contract a contradiction in terms?

List the typical kinds of contracts made illegal by statute.

Why are employment noncompete agreements viewed less favorably than sale-of-business non-compete agreements?

Chapter 14- Form and Meaning

What is the purpose of the Statute of Frauds?

What is the purpose of the parol evidence rule?

Why do courts fairly frequently have to interpret the meaning of contracts?

Chapter 15- Third party rights

Why are leases generally not assignable? Why are insurance contracts not assignable?

What is the difference between an assignment and a delegation?

What are the two types of intended beneficiaries?

Chapter 16- Discharge of obligations

Under the UCC, what is the difference between cancellation and termination of a contract?

What is “conditioned” by a condition in a contract?

If it is possible to perform a contract, why might a party be excused because of the frustration of purpose?

Chapter 17- Remedies

What is the difference between legal and equitable remedies?

What is the expectation interest? The reliance interest? The restitution interest?

Under what circumstances may punitive damages be allowed?