Law lectures for test 2

Law lectures for test 2 - Whats a contract? -Binding...

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What’s a contract? -Binding agreement between two or more parties for a reasonable expectation. -Must be a voluntary agreement between the parties along with legal capacity à the state of mind of the parties - If you breach the contract the law will provide for damages and impose remedies on the preaching party in order to make you whole. 5 elements – on how contracts can be made 1. Valid offer - There can be a termination of offer 2. Valid acceptance 3. Capacity (competency) 4. Consideration 5. Consideration 6. Lawful purpose Unilateral contract – an invitation by the offered to the offered to perform a particular act or refrain from doing something. With a unilateral there is no formal acceptance by the offered of full execution of that contract. Bilateral contract – both parties engage in negotiation and exchange mutuality of promises. Both parties have a reasonable expectation of where they need to be. Ex: paint house and get $5,000 dollars. 2 categories of contracts 1.. Express contract à contract that is manifested in words. It can be either oral or in writing 2. Implied contract a) In Fact -Contract that results from the conduct or the action of the parties or it may be the result of what is custom or practice in a given industry, business, or trade.
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b) In law (quasi) -Is not a contract at all but a legal fiction? To avoid unjust enrichment the courts will create a fictional contract in order to protect the plaintiff. 1. Plaintiffs must demonstrate that they performed a particular act or confirmed some benefit upon the defendant. 2. The plaintiff did so with the expectation of being paid or compensated (it was not gratuitous) 3. To allow the defendant to walk away without justly compensating the plaintiff would amount to unjust enrichment. Valid offer à a proposal by the offered to the offeree to perform a particular act or to refrain from doing something. -The offer itself must manifest some serious intent. Objective standard à how would a reasonable objective person view the offer given the surrounding facts and circumstances. Ex: Brand-new bmw sitting outside and want to sell it for $1. 1. You need to identify the parties 2. The money being exchanged 3. Specify the time and manor of performance 4. The offer must be directly communicated to the offeree or her designated agent. Accommodation. o An offer can be revoked prior to acceptance by the offeree o An offer can be revoked if there is a time frame o Death or destruction of the subject matter o Death or incapacity of one of the parties. o Counter offer effectively removes the offerers offer
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-Termination is not affective until the offeree receives it. A Valid acceptance is where the offered voluntarily rises to the occasion and agrees to the very mirror image terms of the offer. -Acceptance may be executed by implementing any reasonable
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This note was uploaded on 12/02/2010 for the course LEGAL 01 taught by Professor Vogoul during the Spring '08 term at Hofstra University.

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Law lectures for test 2 - Whats a contract? -Binding...

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