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Test #2 Class Notes - Biz Law

Test #2 Class Notes - Biz Law - Biz Law Exam#2 Chapters 5...

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Biz Law Wehmeyer 1 Exam #2 Chapters 5, 9-12, 19 and pp. 268-375, pp. 492-493 Contracts create legal rights we didn’t have before Ex: McDonald’s – legal right to pay $4.10 for the food you ordered o McDonald’s v. Customer (McDonald’s worker is an agent of McDonald’s) Three Main Elements of a Contract: 1. Mutual Assent: offer acceptance or meeting of the minds o In Marriage, when both parties recognize they are there to get married and want to get married 2. Consideration: each side has to give something or give up something o In a Marriage contract, giving the promise to honor, trust, and care for to the other person and vice versa…giving up some things 3. No Contract Offenses: contracts can’t appear where you don’t really expect them, any reason why the contract should not be a valid agreement o Marriage – “Is there anyone here who thinks these two should not be united?” If they are 12 years old, brother / sister, or already married Online Contracts B2B: Business to business Involves a transaction involving an electronic charge (EDI) o Ex: Wal-Mart’s high tech inventory system where judging by weather, consumers what they need is connected with their suppliers B2C: Business to consumer o Ex: Amazon.com takes order in and they send message electronically to the supplier and then shipment goes to the customer (simply IT, not a “shop”) C2C: Consumer to consumer o Ex: e-Bay, put control in pricing Contract Definitions Bilateral Contract: promises in exchange for another promise; most contracts are bilateral o Ex: McDonald’s – promise to pay and promise for money; employee contracts Unilateral Contract: promise on one side in exchange for an action or act on the other side o Ex: Reward for a lost dog sign put up by your neighbor. Once you start looking for the dog (the action), the contract is set. The neighbor doesn’t want YOUR promise and they don’t care WHO finds their dog or WHO they pay the money to. You are allowed to finish it once you start, even if they take the sign down. So, when you bring home the lost dog they have to pay you, even if they don’t want it anymore. Express v. Implied Contracts: o Express: all the terms are specifically communicated by language, written or spoken Ex: Gas station with display cost of gas o Implied: all the terms come from conduct Ex: Going to McDonald’s in Netherlands where there are no words communicated so order plain cheeseburger by conduct / gestures o Most contracts are partially one and partially the other Quasi Contract aka Implied-in-Law Contract: a situation where you don’t really have a contract but you are going into court to pretend that you have a contract; for some reason, there is not an actual contract; one party conferred a benefit on the other o Imply-in-Law contract: imply in law that there is a contract and then its like there is a contract since the beginning When situation does not perfectly fit any of the aforementioned contracts and the
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