business law notes

business law notes - Chapter 9 Contract Formation 02:06...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Chapter 9 Contract Formation 02:06 Elements of a Contract Mutual agreement (1. offer and 2. acceptance) 3. Consideration Capacity (comes up as a defense) Legality (comes up as a defense) Offer: A. communication (offeror to offeree): o Reward offers if there is no communication regarding the amount of the offer then the contract is void. B. A reasonable person would believe the offeror intends to be bound. o Offeree and offeror should offer up a serious offer not a joke o Ex. Joking Case 9.2 Lucy v Zehmer o Ex. Future intent not sufficient o Ex. Invitation to negotiate/ads (Pepsi case) C. Terms of offer must be reasonably certain and definite. o Can court enforce? o Case 9.3 (Baer v Chase) o Usually looking for. Identity of the offeree Subject matter or nature of work Price Time of payment or performance Quantity D. Has the offer terminated prior to acceptance? o Offers terminate the following ways: (i) Offeror can revoke before acceptance occurs (exceptions exist) (ii) Rejection by the offeree (iii) Counteroffers (viewed as rejections and a new offer) Acceptance Words or conduct that indicates agreement to the terms of the offer. A. Check who: Acceptance by the party to whom the offer was directed B. Check how: unequivocal acceptance (grumbling acceptance is an acceptance, but if add conditions etc, then is counteroffer) o Terms need to be met C. Usually acceptance needs to be communicated....
View Full Document

This note was uploaded on 04/05/2008 for the course BUSN 318 taught by Professor Thomasl.wilson during the Spring '14 term at Biola University.

Page1 / 6

business law notes - Chapter 9 Contract Formation 02:06...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online