Business Law Chapter 6 Questions

Business Law Chapter 6 Questions - Chapter 6 Questions 1....

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Chapter 6 Questions 1. How did the present theory of contracts evolve? 2. What are the six elements of a contract? a. Offer-an offer is a proposal made by one party to another indicating a willingness to enter a contract. b. Acceptance-in most cases, only a specifically identified offeree his or her authorized agent has the right to accept to an offer. c. Mutual assent-if a valid offer has been made by the offerror and a valid acceptance has been made by the offeree, then mutual sent exists between them, d. Capacity-the legal ability to make a contract. e. Consideration-consideration is the thing of value promised to the other party in a contract in exchange for something else of value promised by the other party. This mutual exchange binds the parties together. f. Legality-parties are not allowed to enforce contracts that involve doing something that is illegal. Some illegal contracts involve agreements to commit a crime or perform a tort. Others involve activities made illegal by statutory law.
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This note was uploaded on 06/03/2008 for the course BUS 2333 taught by Professor Grafton during the Spring '08 term at Oklahoma State.

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Business Law Chapter 6 Questions - Chapter 6 Questions 1....

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