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Unformatted text preview: offer, if you show up with a Pepsi tab you win blank. Bilateral contracts may be rescinded, but not if there has been a reasonable amount of work already done. Formal and Informal Contracts- Formal: under seal (out of date), recognizance, negotiable instruments (checks), letters of credit. Informal: Statue of limitations are 4 years for a written contract and 2 years for an oral contract. Selling a child but entering a contract would leave the contract null due to the fact that it is prohibited to sell a child. Complete performance will release your duties. You may also discharge your obligation if the other party breaches the contract. You may also discharge by agreement, or rescinding. By operation of law you may be released from your duties of the contract. In bankruptcy you may discharge debts....
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- Spring '08
- Business Law