Exam 2 Notes

Exam 2 Notes - AFTER EXAM 1 2/14/08 Chapter 8 Promise o A...

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AFTER EXAM 1 2/14/08 Chapter 8 Promise o A promise is to do or not do something in the future o Promisor – makes the promise o Promisee – accepts the promise Contract o CONTRACT LAW COMES FROM COMMON LAW o An agreement that can be enforced in court o Offeror – makes the offer o Offeree – accepts the offer o Definition Agreement = offer + acceptance Consideration Something of value - money Contractual capacity Can enter into a contract o Minor, etc Legality Contract must accomplish a legal purpose Not drug related, etc. o Defenses to a contract Genuineness of assent Objective theory o Your intent to be bound to a contract is bound by the objective standard o Judged by your intent and actions, not malicious motives Cannot be under duress, etc. Form Must be in legally recognized form Some contracts must be written o Types Bilateral contract – the exchange of mutual promises Offeree can accept the offer simply by promising to perform o Buying a car for a certain price Offer revocable until accepted Contract is formed when promises are made, not when performed If either party doesn’t perform, the other can sue Unilateral contract – offer requests performance
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Offer revocable until performance has been substantially undertaken Example o If you drive my car from LA to New York, I will give you $1000 Must drive the car in order to legally bind and receive the $1000 Substantially undertaken – halfway to New York cannot revoke the offer Cannot sue, because there are not mutual promises Formal vs Informal Formal contracts – require a specific form o Sometimes require a special seal to make it official Informal contracts – do not require a specific form o Simple contracts o Based on substance rather than form Express vs Implied Express contracts – formed by language (oral or written) o Real contract o Lease is an express contract Implied-in-fact contracts – formed by conduct o Real contract o Requirements Plaintiff furnished service or product Plaintiff expects to be compensated Defendant had a chance to reject and did not o Example Bring in a camera and ask them to fix it They expect to be paid to fix it o Contract performance Executed contract – fully performed by both parties Executory contract – at least one of the parties has not performed Order coal and begin burning it The company delivering it has executed it, but the contract is not executed until you pay for it o Validity of contracts Valid All elements necessary for a contract are included Void Has no legal force or binding effect Drugs, etc. Voidable
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This note was uploaded on 10/05/2008 for the course BCOR 3000 taught by Professor Morley during the Spring '07 term at Colorado.

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Exam 2 Notes - AFTER EXAM 1 2/14/08 Chapter 8 Promise o A...

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