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

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Agreement andConsideration in ContractsChapter 8BUSA303, Business Law and Ethics1
An Overview of ContractLawSection 8-1, pp. 208-209BUSA303, Business Law and Ethics2
What is a Contract?Contract:A set of promises constitutingan agreement between parties, givingeach a legal duty to the other and theright to seek a remedy for the breach ofthe promises or duties.An agreement between two or more parties.Based on a promisePromise made bypromisorPromise owed topromiseePromise toperformor torefrain from performingsome act nowor in the future.That can be enforced in court.BUSA303: Business Law and Ethics3
Basic Elements of a Contract(8-1e, p. 209)AgreementOfferAcceptanceConsideration.Legally sufficient andbargained-for exchange (i.e., something ofvalue received or promised to convince a partyto enter into the contract).Contractual Capacity.The parties musthave legal capacity.Legality.There must be a legal purpose.BUSA303: Business Law and Ethics4
Types of ContractsSection 8-2, pp. 209-214BUSA303, Business Law and Ethics5
Types of ContractsBilateral vs. UnilateralMutual exchange of promisesAcceptance via performanceFormal v. InformalSpecial formSimple contractsExpress v. ImpliedIn writingImplied by conduct of partiesBUSA303: Business Law and Ethics6
Vukanovich v. KineCourt of Appeals of Oregon, 268 Or.app 623, 342 P.3d 1075 (2015)Case 8.1, p. 212What court/type of court is this?

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Term
Spring
Professor
DianeMacDonald

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