PLU-BUSA303-17-Chapter+8 - Chapter 8 Agreement and...

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Fundamentals of Business Law Today: Summarized Cases
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Chapter 19 / Exercise 1
Fundamentals of Business Law Today: Summarized Cases
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Agreement and Consideration in Contracts Chapter 8 BUSA303, Business Law and Ethics 1
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Fundamentals of Business Law Today: Summarized Cases
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Chapter 19 / Exercise 1
Fundamentals of Business Law Today: Summarized Cases
Miller
Expert Verified
An Overview of Contract Law Section 8-1, pp. 208-209 BUSA303, Business Law and Ethics 2
What is a Contract? Contract: A set of promises constituting an agreement between parties, giving each a legal duty to the other and the right to seek a remedy for the breach of the promises or duties. An agreement between two or more parties. Based on a promise Promise made by promisor Promise owed to promisee Promise to perform or to refrain from performing some act now or in the future. That can be enforced in court. BUSA303: Business Law and Ethics 3
Basic Elements of a Contract (8-1e, p. 209) Agreement Offer Acceptance Consideration. Legally sufficient and bargained-for exchange (i.e., something of value received or promised to convince a party to enter into the contract). Contractual Capacity. The parties must have legal capacity. Legality. There must be a legal purpose. BUSA303: Business Law and Ethics 4
Types of Contracts Section 8-2, pp. 209-214 BUSA303, Business Law and Ethics 5
Types of Contracts Bilateral vs. Unilateral Mutual exchange of promises Acceptance via performance Formal v. Informal Special form Simple contracts Express v. Implied In writing Implied by conduct of parties BUSA303: Business Law and Ethics 6
Vukanovich v. Kine Court of Appeals of Oregon, 268 Or.app 623, 342 P.3d 1075 (2015) Case 8.1, p. 212 What court/type of court is this?

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