BA Exam 2 Study Guide

BA Exam 2 Study Guide - Chapter 10 Sources of Contract Law:...

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Chapter 10 Sources of Contract Law: Common Law for all contracts but: .Sale and lease contracts - Uniform Commercial Code (UCC). Promise : person’s assurance that they will or will no do something Promisor (making); Promisee ( to whom promise was made) Contract : Promise/set of promises for breach of which the law provides a remedy, or the performance of which the law in some way recognizes as duty. Agreement (Offer and Acceptance), Consideration, Contractual Capacity, Defense (legality, genuineness of assent, form) Objective Theory of Contacts . Circumstances to determine intent of parties. Bilateral - Offeree must only promise to perform (“promise for a promise”). Unilateral - Offeree can accept the offer only by completing the contract performance (“a promise for an act”). Irrevocable: Offer cannot be revoked once performance has begun. Case 10.1 : Ardito v. City of Providence (2003) unilateral contract: police officer training Formal: requires special form; contract under seal : formalize writing with special seal Informal : no special form Express : Words (oral or written) Implied In Fact : Conduct creates and defines the terms. PL furnished good/service, PL expected to be paid, DEF had chance to reject and did not. Case 10.2 : Gary Porter Construction v. Fox Construction, Inc. (2004) extra implied work Executed – fully performed. Executory – not fully performed Valid: Elements: Agreement, consideration, contractual capacity, and legality. Void: No contract. Voidable : one party has option of avoiding the contract, Unenforceable : contract exits, cannot be enforce without legal obligations Quasi Contracts implied in law. Fictional contracts created by courts, Imposed on parties for the interest of fairness and justice, Equitable remedies. Quantum Meruit: as much as he has deserved Plain Meaning Rule : Courts give terms their obvious or ordinary meaning. Case 10.3 : Citizens Com.s Co. v. Trustmark: Health insurance Ambiguous Terms: court will attempt to interpret ambiguous contract terms in a reasonable, lawful, effective manner, interpreted as a whole, Terms negotiated separately given greater weight, Ordinary, common meaning given, Specific wording given greater weight than general language, Written or typewritten given greater weight than preprinted, Ambiguous terms interpreted against the drafter, trade usage, prior dealing, course of performance to allowed to clarify. CHAPTER 11 Agreement = Parties must show mutual assent to terms of contract. Once an agreement is reached, if the other elements of a contract are present, a valid contract is formed (offer + acceptance) Requirements: Offeror’s serious intention, Definiteness of terms, Communication to Offeree. Offerors Serious Intention
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BA Exam 2 Study Guide - Chapter 10 Sources of Contract Law:...

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