bb.outline.knature&classificationbook

bb.outline.knature&classificationbook - Contracts...

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Contracts: Nature and Classification Text: pages 342-355 1. The various branches of law that directly control all the legal aspects of business tractactions are composed primarily of substantive legal rules 2. Definition of a Contract- a special sort of agreement- one that the law will enforce in some manner in the event that one party does not perform its promise a. A contract is a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty b. Simple definition: a contract is an agreement that a court will enforce c. Purposes of Contract Law 3. Classification of Contract a. Most contracts consist of the exchange of mutual promises, the actual performance of which is to occur at some later time b. Bilateral v. Unilateral Contracts i. Bilateral – “a promise for a promise” 1. If the terms of an offer indicate that all the offeror wants at the present time from the offeree is a return promise-rather than an immediate performance of an act- then the proposal can be called a bilateral offer 2. Offeror – the person making the proposal 3. Offeree - the one to whom it is made ii. Unilateral- phrased in such a way that they can be accepted only by the performance of a particular act 1. A mere promise by an offeree that he or she will bring in the item later does not result in the formation of a contract iii. *Most contracts are bilateral 1. Precision Concepts Corp. v. General Employment & Triad Personnel Services (page 344) 2. Ardito v. City of Providence (on blackboard) c. Express, Implied & Quasi Contracts i.
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