CHAPTER 7 NOTES

CHAPTER 7 NOTES - Express Contract- a contract that uses...

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Chapter 7 Class Notes *Know terms of the contract Will Theory- Entering contract free of will Equal Value Theory - Unequal bargaining power Sales of Goods contract- Article 2 of the universal code Valid/ Void/ Voidable. **99% of contracts are Valid** Void Contracts- means No* Contract. In the Middle we have Voidable Contract…Getting out of a contract Bilateral Contract- a promise for a promise. “Ill give you my bike if you give me your skateboard” Unilateral Contract- Perfrom an Act to complete the contract. Do Not accept the contract
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Unformatted text preview: Express Contract- a contract that uses Every single term on the Implied Contract- Eat food- then go to the register and pay. Custom in the industry is 2 pay after, implied contract Chapter 7 Book Notes The Contracting party who makes a promise is know as the Promisor. Who the promise is mad to is the promisee Party who is obligated to deliver on a promise or undertake some act of performance is called the obligor . The contracting part to whom this part owes an obligation is called the obligee ....
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