K Nature & Classification

K Nature& - Contracts Nature Classification 1 Definition of a Contract A contract is an agreement that a court will enforce 2 Requirements

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1 Contracts: Nature & Classification
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2 Definition of a Contract A contract is an agreement that a court will enforce
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3 Requirements of a Contract Which of the following is NOT a required element of a contract: A. Agreement B. Consideration C. Capacity D. Legality E. All of the above are required elements of a contract
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4 Requirements of a Contract Which of the following is NOT a required element of a contract: A. Agreement B. Consideration C. Capacity D. Legality E. All of the above are required elements of a contract
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5 Requirements of a Contract Agreement – two or more parties intend to abide by terms Consideration – each party must give something to the bargain Contractual Capacity – all parties legally capable of entering into contracts Legality – contract must be for legal purpose
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6 Classification of Ks - Bilateral v. Unilateral Bilateral promise for a promise K formed at time promises are exchanged Unilateral Promise for an act Offeree accepts only by performing act K formed at moment work is performed A tip – When in doubt, guess bilateral (the vast majority of Ks are bilateral).
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7 Bilateral v. Unilateral Victor and Victoria enter into an agreement that states that Victoria will come cut Victor’s hair each month for the next year. In exchange, Victor will pay her $20 each time she comes. What type of contract is this? Victor’s agreement with Victoria says that if Victoria comes and cuts Victor’s hair next week, Victor will pay Victoria $20.
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8 Bilateral v. Unilateral Victor and Victoria enter into an agreement that states that Victoria will come cut Victor’s hair each month for the next year. In exchange, Victor will pay her $20 each time she comes. What type of contract is this? Bilateral – Victor has made a promise to pay Victoria and Victoria has made a promise to cut Victor’s hair each month for a year.
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Bilateral v. Unilateral Victor and Victoria enter into an agreement that states that Victoria will come cut Victor’s hair each month for the next year. In exchange, Victor will pay her $20 each time she comes. What type of contract is this? Bilateral – Victor has made a promise to pay Victoria and Victoria has made a promise to cut Victor’s hair. Victor’s agreement with Victoria says that if Victoria comes and cuts Victor’s hair next week, Victor will pay Victoria $20. Unilateral – Victor has made a promise, but Victoria has not a made a promise. Victor will be required to perform his promise only
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This note was uploaded on 10/27/2009 for the course LEB 03605 taught by Professor Peterson during the Spring '09 term at University of Texas at Austin.

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K Nature& - Contracts Nature Classification 1 Definition of a Contract A contract is an agreement that a court will enforce 2 Requirements

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