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CH 9 notes on Contract Formation

CH 9 notes on Contract Formation - Chapter 9 Contract...

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Chapter 9: Contract Formation Without the contract, there is not repercussions Elements of Contract those that are insane cannot make a valid contract (missed some more stuff) Defenses to Enforceability: If a guy threatens you with a gun to sign a contract, it does not count. It is not voluntary consent Statute of fraud are some contracts that have to be in writing Types of Contracts -one contract can be all of these types Bilateral vs. Unilateral Contracts is the person making the offer offeror or promisor is the person making the offer Offeree accepts the contract Bilateral contract is a promise for a contract Unilateral contract- we don't see them that often a promise for an act "I will pay you $500 if you get in my car and drive it cross country" Acceptance occurs when you engage in the action Revocation of Offers for Unilateral Contracts when substantial performance has occurred, the offer can no longer be revoked Formal vs. Informal
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