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Lecture 1 (WK3) - Lecture 1 The Core Learning Outcomes...

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Lecture 1 The Core Learning Outcomes addressed this week are: Demonstrate the ability to brief a case. Describe basic concepts of contracts. Examine the legal requirements required for contract formation. (See Lecture #2) Other Key Concepts: Chapter 9: the classes of contracts (see lecture below), quasi-contract, promissory estoppel, the UCC Chapter 10: the offer, exculpatory clauses Chapter 11: acceptance, counter-offers, the mailbox rule Lecture: The Classes of Contracts Bilateral and unilateral contracts. In a bilateral contract, a promise is exchanged by both parties and is formed when the parties make the promises. In a unilateral contract, a promise is made by only one party , and a contract is not formed immediately. (See p 294-295 for examples.) Void -- voidable -- valid -- unenforceable. What do these terms mean? Void contracts are treated as though there never was a contract (example: an illegal contract) Voidable means one or both parties can make the contract void (cancel the contract). (example: duress).
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