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Unformatted text preview: Lecture 2 Lecture: General Overview of Contracts. Based on the brief contents page (xv). In studying contracts, we learn the answer to the question: How does a promise to do something become an enforceable contract? A promise must have certain elements to turn it into a valid contract . Without these elements, it is not enforceable in court . Think of it as baking a cookie . The sugar is an essential ingredient for the recipe. Without the sugar, its not a cookie. Without the flour, its not a cookie. You cant leave something out and have the recipe turn out right. You cant leave something out of a contract and expect it to be legally enforceable. Offer (Ch. 10). An offer must be first made and then accepted for the parties to create a contract. Please review "Special Offer Problem Areas" on pages 313-314 of your text. Acceptance (Ch. 11). In Chapter 10, we learned that the offeror first makes the offer. For an agreement to be made, the offeree must then accept the offer. Review the information about the mailbox rule on page 332-335.the mailbox rule on page 332-335....
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- Fall '09
- Business Law