The objective theory of contracts is based on a person

The objective theory of contracts is based on a person -...

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The objective theory of contracts is based on a person’s intention to enter into a contract. This is judged more by objective (outward) facts as interpreted by a reasonable person, rather than by a persons subjective intention. Objective facts include: (1) what the party said when entering into the contract, (2) how the party acted or appeared, (3) the circumstances surrounding the transaction. While it is easy to make an argument in favor for and against this theory. We need to still remember that it is JUST a theory. It takes into consideration what is reasonable and what is outlandish. My question is??? Who judges what is reasonable. We all make bets with out friends… “I bet you a thousand dollars that you can (Fill in the blank) and when they actually do the action… we all just laugh it off as if we were just joking around to begin with. I found this following article on line: (read it and tell me why the person should not have received the jet) The most famous example of this in business contract law is the Pepsi Harrier Jet case. In a 1995
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This note was uploaded on 02/01/2011 for the course BL 556 taught by Professor Lucybenham during the Fall '10 term at Walsh College.

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The objective theory of contracts is based on a person -...

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