Review for Exam 2

Review for Exam 2 - Review for Exam 2-Contracts Parties to...

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Review for Exam 2--Contracts Parties to a contract Offeror – writer of the contract (makes an offer) Offeree – accept or reject Elements of a valid contract Agreement – offer and acceptance (mutual assent) Consideration – promise supported by bargained for (money or services) that is legally sufficient Capacity- ability to contract/ legal purpose Lawful object – must be lawful (illegal actions or object contracts are void) Terminology— Unilateral – promise for an act Bilateral – promise for a promise Express – oral or written Implied – (in fact) act in such a way that it shows they have entered into a contract Executory – from the time it comes into existence until executed Executed – fully performed Offeror (only one) Before its accepted, or for unilateral before the act is performed Implied-in-law or quasi-contract = remedy for what? (court imposed agreement – no actual contract) Unjust enrichment The offer—what is required for a valid offer? Time Cost Subject matter and quantity Who the parties are Terms of the offer Sales contract required terms is quantity Omitted terms in the contract—which can the court imply? Court cannot imply quantity can everything else Auctions— With reserve– if it doesn’t reach a certain price its not an offer without reserve – its an offer (when its sold its sold) Termination of an offer—what is required? Expressed or implied
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Review for Exam 2 - Review for Exam 2-Contracts Parties to...

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