Index cards - Cont ract LawBinding agreement between two or...

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Contract Law- 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.
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Unilateral contract and bilateral contracts 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.
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How do we form contract- Express contracts? 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
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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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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.
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