Ch 10 notes - Agreement

Ch 10 notes - Agreement - Business Law Ch. 10: Agreement...

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Business Law Monday, October 12, 2009 Ch. 10: Agreement Agreement 167 1. Agreement : Manifestation by 2 persons of the substance of a contract 2. Requires offer & acceptance Marder v. Jennifer Lopez (2006): Even if a contract seems unfair in hindsight, as long as there was no evidence that the consent was not obtained under fraud, deception, misrepresentation, duress, or undue influence, it is valid. Offer 168 Offer : “Manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.” The following 3 elements are required for an offer to be effective… 1. Objective Intent : Offeror must objectively intend to be bound by the offer a. Objective theory of contracts : The intent to contract is judged by the reasonable person standard Example of a valid offer : “I will buy your building for $2 million.” Example of an invalid offer : “Are you interested in selling your building for $2 million?” b. Do not include offers made in jest, anger, or undue excitement Example of an offer made in jest : “For $200, I’d sell the whole computer division!” 2. Express Terms : Terms of the offer must be definite or reasonably certain , clear enough for the offeree to be able to decide whether to accept or reject the terms of the offer. a. i. Identification of the parties ii. iii. Consideration to be paid, and iv. Time of performance b. Implied terms : Term in a contract that can reasonably be supplied by the courts (e.g. price if there is market/source from which to determine the price of the item/service) 3. Communication : Offer must be communicated to the offeree a. An offer cannot be accepted if it is not communicated to the offeree by the offeror or a representative or an agent of the offeror. Special Offers
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Ch 10 notes - Agreement - Business Law Ch. 10: Agreement...

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