contract_slides_part_1_08

contract_slides_part_1_08 - Business Law I Fall 2008...

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Business Law I Contracts – Part I Fall, 2008 PowerPoint Slides Slide 1 Elements of a Valid Contract Agreement between the parties Reached with genuine, mutual assent Supported by consideration By parties with capacity For a legal purpose In the required form [if any] ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 2 Definitions in Contract Law Unilateral v. bilateral contract D.L. Peoples Group v. Hawley , Case 13- 1 Express v. implied contract Pache v. Aviation Volunteer Fire Co., Case 13-2 DCB Construction Co. v. Central City Development , Case 13-3 Void contract Voidable contract Unenforceable contract ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 3 Uniform Commercial Code Text Appendix B (9-34) Article 2 Article 2A Defining goods Novamedix v. NDM Acquisition Corp. , Case 21-1 Mixed transactions Between merchants DeWeldon Ltd. v. McKean , Case 21-2 Dealing in good faith ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________
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Business Law I Contracts – Part I Fall, 2008 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 Not an invitation to do business or negotiate See Lucy v. Zehmer , Case 14-1 ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 6 Definiteness Must include all essential terms See UCC 2-204(3) See Martin Delicatessen v. Schumacher See Andrus v. Dep’t of Transportation , Case 14-2 ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________
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Business Law I Contracts – Part I Fall, 2008 PowerPoint Slides Slide 7 Communicating the Offer Offeree must know of the offer before one is valid. Communicating an effective offer sets stage for acceptance. ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 8 Termination by Parties • R evocation Rejection Counteroffer ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 9 Revocation General rule: Any offer can be revoked.
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