An Overview of Contract LawSection 8-1, pp. 208-209BUSA303, Business Law and Ethics2
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 performor to refrain from performing some act now or 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 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 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?