contract_slides_Notes - Business Law I Contracts Fall, 2007...

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Unformatted text preview: Business Law I Contracts Fall, 2007 PowerPoint Slides Slide 1 Elements of a Valid Contract Agreement between the parties Reached with genuine, mutual assent Supported by consideration For a legal purpose By parties with capacity In the required form [if any] ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 2 Definitions in contract law express v. implied contract Fox v. Mountain West Electric, Inc. Case 9-1, text at 165 void contract voidable contract unenforceable contract ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 3 Uniform Commercial Code Text Appendix B (9-34) Article 2 sale of goods Article 2A leases of goods Defining goods Mixed transactions Between merchants Dealing in good faith ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Business Law I Contracts Fall, 2007 PowerPoint Slides Slide 4 Requirements of a valid offer Contractual intention Definiteness Communication of the offer ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 5 Intent to Contract Must intend a legal obligation Objective standard applied See Catamount Slate Products, Inc. v. Sheldon , Case 10-1, text at 181 Not an invitation to do business or negotiate See Lefkowitz v Great Minneapolis Surplus Store , Case 10-2, text at 183 See Steinberg v. Chicago Medical School , Case 9-2, text at 167 ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 6 Definiteness Must include all essential terms See UCC 2-204(3) See Martin Delicatessen v. Schumacher ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Business Law I Contracts Fall, 2007 PowerPoint Slides Slide 7 Communicating the Offer Offeree must know of the offer before one is valid....
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This note was uploaded on 02/20/2009 for the course AEM 3200 taught by Professor Grossman,d. during the Fall '07 term at Cornell University (Engineering School).

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contract_slides_Notes - Business Law I Contracts Fall, 2007...

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