MGT 393 – FOCUSSED AGENDA - MGT 393 FOCUSSED AGENDA...

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MGT 393 – FOCUSSED AGENDA Contract List Valid and enforceable contract 1. Intention 2. Offer revoke; lapse 3. Acceptance unilateral ; bi-lateral Place/time jurisdiction provision 4. Consideration Past consideration is no consideration Debt forgiveness rule in Foakes v Beer [STOPPED LAST MONDAY] Equitable/promissory estoppel High Trees decision Shield and not a sword 3 criteria Example -- Quantum meruit implied promise to pay (not family) Ways to impeach a contract Void or voidable 5. Capacity Corporation no issue – consider indoor management rule Minor voidable Must pay for necessities Intoxicated person Other side knew or should have known Voidable Rescind promptly Mental incapacity If legally determined by court void Otherwise – voidable (again, knew or should have known) 6. Legality – may impact the validity of a contract Statute Public policy Non-compete
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