Contracts Law
I) Formation:
A) Agreement:
1) Offer:
2) Acceptance:
B) Consideration: defined as a ‘bargained for legal detriment’.
II) Defenses:
A) Statute of Frauds: see RSMo §432.010; requires certain contracts to be in writing.
1) Promises to answer for the debt of another.
2) Promises made in consideration for marriage.
3) Promises made for the sale of land (or for any interest in land (like an easement)).
4) Leases lasting longer than one year.
5) Any promise that is not to be performed within one year from the making.
B) Unconscionability:
1) Procedural: involves “the contract formation process, and focuses on high pressure exerted on the parties, fine print of the contract, misrepresentations, or unequal bargaining position.” Woods v. QC Fin. Serv., Inc., 280 SW3d 90, 95 (Mo. App. 2008).
2) Substantive: involves “an undue harshness in the contract terms.” Repairs Masters Constr., Inc., 277 SW3d 854, 858 (Mo. App. 2009).
C) Capacity: both parties must have sufficient capacity to contract.
D) Legality: contracts concerning illegal acts will not be enforced by Courts.
E) Misrepresentation and Fraud: