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JANUARY 28, 2009 BUSINESS LAW CHAPTER 12 DEBRA BARONE 1. A contract is a binding agreement. The contract can be enforced or damages awarded for the breach of the contract. 2. The letter said that applicants would be admitted to the police academy upon passing the medical and psychological exams. This was an “offer” to enter a unilateral contract. The “acceptance” occurred when they passed the two exams. A binding contract was accordingly formed. The applicants therefore had a legitimate claim of entitlement to admission to the police academy. 3. Both implied contracts and quasi contracts share the characteristic that there is no express agreement between the parties. An implied contract is a contract based on the actual agreement of the parties, but a quasi contract is a fictional contract that is imposed on a party in order to prevent injustice in a particular situation. 4. The requirements for recovery under an implied-in-fact contract are valuable services are provided for the person sought to be charged, services are
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This note was uploaded on 04/22/2011 for the course FINANCE BUSINESS L taught by Professor Daviddubois during the Spring '09 term at SUNY Empire State.

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