MY Test 2 Review - BA 2301 Test 2 Review CHAPTER 10...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
BA 2301- Test 2 Review CHAPTER 10 – INTRODUCTION TO CONTRACTS Definition of a Contract A contract is a promise that the law will enforce Types of Contracts Bilateral v. Unilateral Contracts Bilateral= both parties make a promise; a promise for a promise. At the time the contract is formed nothing changes hands, it’s only a promise. Vast majority of contracts are bilateral Promise for a Promise Unilateral= one party makes a promise that the other party can accept only by doing something; contract is binding once the action is done. Once action has begun (substantial performance) you cannot pull the plug, you have to fulfill contract. Cannot accept the contract by promising to do the action, you have to actually perform to accept Promise for a an action Express v. Implied Contracts Express= both parties explicitly state all important terms of the agreement. Can be oral or written. Vast majority of contracts are express. Implied= words and conduct of the parties indicate that they intend an agreement, without stating exactly what terms are Executory v. Executed Contracts Executory- when one or both parties have not fulfilled their obligations Executed- when both parties fulfill obligations Valid, Unenforceable, Voidable and Void Valid- satisfies all of the law’s requirements… purchases and sales of land HAVE to be in writing to be valid Unenforceable- agreement occurs when parties intend to form a valid bargain but a court declares that some rule of law prevents enforcing it Voidable- occur when law permits one party to terminate the agreement; prime example= minors Void- agreement that neither party can enforce, usually b/c the purpose of the deal is illegal or b/c one of the parties has no legal authority to make a contract; (3 rd party taking out a life insurance policy on someone they have no insurable interest in) Remedies Created by Judicial Activism- there is not a contract in place; something failed and there is not a sustainable contract Promissory Estoppel: even when there is no contract, a plaintiff may claim this if: 1. Defendant made promise knowing plaintiff would rely on it 2. Plaintiff did rely on promise 3. Only way to avoid injustice is to enforce promise TA example: job is offered, plaintiff quits current job, moves to dallas, then upon arrival is told he no longer is needed; no written contract but he will get damages b/c of promissory estoppels
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Quasi-Contract: can be used when: 1. Plaintiff gave some benefit to defendant 2. Plaintiff reasonably expected to be paid for benefit and defendant knew it 3. Defendant would be unjustly enriched if he did not pay Defendant HAS to know; when there is an opportunity to reject the action, and you don’t, then you are liable to pay CHAPTER 11 - AGREEMENT Offer: the first step of an agreement Offeror and Offeree Offeror: the person who makes the offer Offeree: the person the offer is made to
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/30/2008 for the course BA 2301 taught by Professor Mattpolze during the Spring '08 term at University of Texas at Dallas, Richardson.

Page1 / 7

MY Test 2 Review - BA 2301 Test 2 Review CHAPTER 10...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online