bb.outline.knature&classification - Contracts:...

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Contracts: Nature and Classification Corresponding Reading Assignment: Text: pages 342-355 On Blackboard: Ardito v. City of Providence 1. Definition of a Contract- an agreement that a court will enforce a. Purposes of Contract Law i. Stability and predictability ii. Ensure promises made will be valid and complied with iii. Entitle innocent parties to relief b. Elements required in a contract i. Agreement - 2 or more parties intend to abide by terms ii. Consideration - each party must give something to the bargain iii. Capacity - all parties legally capable of entering into contracts iv. Legality - contract must be for legal purpose 2. Classification of Contract a. Bilateral v. Unilateral Contracts i. Bilateral – promise for a promise 1. Contract formed at time promises are exchanged ii. Unilateral- a promise for an act 1. Offeree accepts only by performing act 2. Contract formed at moment work is performed iii. *To determine which on, look at the wording of the offer only iv. Examples 1. Precision Concepts Corp. v. General Employment & Triad
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This note was uploaded on 04/26/2009 for the course LEB 323 taught by Professor Baker during the Spring '08 term at University of Texas at Austin.

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bb.outline.knature&classification - Contracts:...

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