Class 2 (Contracts 1 of 2)

Class 2 (Contracts 1 of 2) - B USINESS LAW 320 Second and...

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BUSINESS LAW 320 Second and Third Sessions Contracts Overview What is a contract? How do you form a binding contract? Offer, acceptance, consideration What are defenses to enforcement? Legality, mistake, intoxication Next week: Uniform Commercial Code What is a contract? Enforceable agreement, enforceable promises. What does enforceable mean? Court will give a remedy for not performing Court may order performance What are some examples of contracts? Review from First Class How is contract law made? What are the sources of contract law? 1
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Common law: precedent Uniform codes: UCC, UCITA (computer information transactions) Statutes Some Contract Terminology You Should Know Offeror, Offeree Bilateral, Unilateral Bilateral: promise for a promise – acceptance occurs by promising (If you promise to drive me to school, I promise to pay the gas) Unilateral: acceptance occurs by performing (If you drive me to school, I will pay the gas) Executory, Executed Executory: not fully performed by both sides Executed: performed by both sides Performance, Breach Express, Implied Express: written OR ORAL Implied in fact: created by conduct or by custom Implied by law (quasi contract): to prevent unjust enrichment Void, Voidable Void: cannot be enforced even if parties wish to Voidable: one (or both) of the parties can choose to enforce or get out Rescission 2
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Break the contract Give back what you got of value Consideration Unconscionable Unjust Enrichment Prevented from denying a contract because it would unjustly benefit someone at the other’s expense Acceptance, Rejection The Key Elements of a Contract Agreement Offer (not revoked) Acceptance Intention to be Bound (mutual assent) Consideration Capacity to Contract Minority Mental state Mistake Lawful object Also: definitive Writing? Signed? Seal? Witness? Notary? When do you have Agreement? 3
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Offer and Acceptance Offeror and Offeree Offer not Terminated prior to Acceptance What is required for an Offer? - objective manifestation of intent (reasonable person) - reasonably clear terms o so court can enforce o so offeree can decide whether to accept o some terms can be implied - communication of the offer Hypotheticals: - I’d love to buy that car from you for $1000 if you’re interested in selling - I’ll buy that car from for $1000
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This note was uploaded on 05/19/2011 for the course BUS 123 taught by Professor Mw during the Spring '11 term at S.F. State.

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Class 2 (Contracts 1 of 2) - B USINESS LAW 320 Second and...

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