Review+of+Chapters+10-14

Review+of+Chapters+10-14 - BLAW 2200 Review of Chapters 10...

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BLAW 2200 Review of Chapters 10 through 13
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Overview of Contract Law A contract is a: Promise or set of promises, For breach of which the law provides a remedy, or The performance of which the law in some way recognizes as a legally enforceable duty.
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Elements of a Contract Agreement (Offer and Acceptance). Consideration. Contractual Capacity. Purpose of contract is to accomplish some goal that is legal and does not violate a statute or is otherwise against public policy.
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Elements of a Contract Even if all the foregoing requirements are satisfied, a contract may be unenforceable if the following requirements are not met: Genuineness of assent:If contract was formed as a result of fraud, undue influence, mistake, or duress, contract may not be enforceable. Form: The contract must be in whatever form the law requires (some contracts must be in writing to be enforceable pursuant to the Statute of Frauds ).
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Offer and Acceptance Agreement = offer and acceptance. Parties must show mutual assent (“meeting of the minds”) to terms of contract. Once an agreement is reached, if the other elements of a contract are present (consideration, capacity, and legality), a valid contract is formed.
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Requirements of the Offer Offeror’s serious intention to become bound by the offer. Definiteness or reasonable certainty of terms. Communication to offeree resulting in offeree’s knowledge of the offer.
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Offeror’s Serious Intention Contract is judged by what a reasonable person in the offeree’s position would conclude about the offer. Offers made in anger, jest, or undue excitement are usually not offers because a reasonable person would realize that a serious offer was not being made. Advertisements, catalogues, price lists, and circulars are treated as invitations to negotiate and not as offers.
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Offer: Definiteness of Terms Terms (Expressed or Implied). Identification of the parties. Object or subject matter of the contract. Consideration to be paid (specified amount or formula or process to compute amount). Time of payment, delivery, or performance.
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Offer: Communication Offeree’s knowledge of the offer: Directly by the Offeror, or Use of Agents. Ordinarily, one cannot agree to a bargain without knowing that it exists. Person returning a lost dog without knowledge of reward offered by owner generally is not entitled under contract law to recover the reward.
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Offers: Termination by Actions of the Parties Revocation of the offer by the Offeror: Offer can be withdrawn anytime before Offeree accepts the offer even if offer states it will be open for some period of time. Effective when the Offeree or Offeree’s agent
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This note was uploaded on 11/08/2009 for the course -01 80445 taught by Professor Allsup during the Spring '08 term at Kennesaw.

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Review+of+Chapters+10-14 - BLAW 2200 Review of Chapters 10...

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