kick ass exam 2 study guide

kick ass exam 2 study guide - Chapter 8 Promisor-A person...

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Chapter 8 Promisor- A person who makes a promise Promisee- A person to whom a promise is made Contract- An agreement that can be enforced in court; formed by two or more competent parties who agree, for consideration, to perform or to refrain from performing some legal act now or in the future. If breached, the party may be required to pay money damages for failing to perform the contractual promises; in limited instances the party may be required to perform the promised act. Objective Theory of Contracts- A theory under which the intent to form a contract will be judged by outward, objective facts (what the party said when entering into the contract, how the party acted or appeared, and the circumstances surrounding the transaction) as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions. Requirements of a contract Agreement- Includes the offer and acceptance Consideration- Promises made by parties must be supported by legally sufficient and bargained-for consideration (something of value received or promised, to convince a person to make a deal). Contractual Capacity - Law must recognize both parties entering into a contract as having characteristics that qualify them as competent. Legality- Contract’s purpose must be to accomplish some goal that is legal and not against public policy. *If any one of these is not met, no contract will have been formed, but even if all four are present, contract might be unenforceable if following requirements are not met. Genuineness of Assent – apparent consent of both parties must be genuine. Form – contract must be in whatever for the law requires, for example some contracts must be in writing. (Both will be discussed further in Ch. 11 notes) Contract Formation/Types of Contracts Offeror- A person who makes an offer. Offeree- A person to whom an offer is made. Bilateral vs. Unilateral Bilateral is a type of contract that arises when a promise is given in exchange for a return promise. promise for a promise” No performance, such as the payment of money or delivery of goods, need take place for contract to be formed. Contract comes into existence at the moment the promises are exchanged. Unilateral is a contract that results when an offer can be accepted only by the offeree’s performance. “promise for an act” contract is formed not at the moment when promises are exchanged but rather when the contract is performed.
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Lotteries, contests and other competitions offering prizes are examples of unilateral contracts. Revocation (unilateral) Offers are normally revocable until accepted. Modern view of revocation is that when a performance has been substantially undertaken, the offeror cannot revoke the offer. Formal vs. Informal contacts
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kick ass exam 2 study guide - Chapter 8 Promisor-A person...

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