BusLaw Exam2 - Ch 10 Bilateral Contract To accept the offer...

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Ch. 10 Bilateral Contract - To accept the offer the offeree must only promise to perform. “promise for a promise” exists once promises are exchanged. Unilateral Contract - Offeree can only accept offer by completing the contract performance. “promise for an act” exists when act is performed. Contract - legally binding agreement between two parties who agree to perform or refrain from an act now or in the future. Formal Contract - Contracts that require a special form or method of creation to be enforceable. Contract under seal - type of formal contract, must be written and sealed. Executed Contract - Fully performed on both sides Executory Contract - Only partially performed. Express Contract - terms of the agreement are fully and explicitly stated in words, oral or written. Offeror (party who Makes offer)/ Offeree (party who offer is made to) Promisor (one making promise)/ Promisee(one whom promise was made to) Quasi Contract - contracts implied in law, fictional contracts created by courts and imposed on parties in interest of fairness (Court of Equity) Quantum Meruit - “as much he deserves” compensation owed under a contract in law. Unenforceable contract - valid contract rendered unenforceable by some statue or law. Voidable Contract - valid contract but one that can be avoided at the option of one or both parties. [Contracts made by minors are voidable by option of the minor] Void Contract - No contract at all, no legal obligation to parties. Ch. 11 Acceptance - Voluntary Act (words or conduct) by offeree that shows agreement to offer. [Must be absolute, unconditional, and communicated] Counteroffer - Offeree rejects original offer and at same time makes a new offer. (Ex: Ill sell this to you for $10, no that’s too high ill buy it for $8) Promissory Estoppel/Estop (Lawyer stop) - the offeror is barred from taking back offer. (ex: offeree acts in reliance of contract such as rent, offeror cant take back original offer later) Mailbox rule - Once acceptance deposited in mailbox it is out of offeree’s possession and is valid when it is sent even if it is not received. Mirror image rule - Acceptance must match offer exactly. Any material change terminates. Offer - Promise or commitment to do or not do something in the future. Option Contract - Offeree promises to hodl and offer open for a specified period of time in return for a paument given by the offeree. If no time then reasonable time period is applied.
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Ch.12 Accord and Satisfaction - (Amt of debt must be in dispute) Creditor accepts lessor amount than originally owed. Accord is agreement somewhat different than what the parties originally agreed. Satisfaction occurs when accord is executed. Consideration - The value given in return for a promise or performance. (Usually 1) something of legally sufficient value must be given in exchange. 2)Must be bargained for exchange) Forbearance - Refraining from an action that one has a legal right to undertake.
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