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MCLawCh11notes - Chapter 11 Contract and Employment Law A...

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Chapter 11: Contract and Employment Law
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A contract (K) is a legally enforceable agreement between two or more people Elements (see Ex. 11.1 on p. 328 in text): A Meeting of the Minds Offer and Acceptance Consideration Meeting of the Minds The parties to the K agree to be bound and the agreement is specific enough to be enforceable Usually formed in negotiations One party makes an offer Other party either accepts or rejects the terms. If rejected, no K. If accepted, with consideration given, then a K is formed.
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Offer Must be very specific May be express or implied Express: oral or in writing with detailed terms Implied: communicated by the conduct of the offeror Conduct can create impression of gift rather than offer Acceptance A simple accession to the original offer If the acceptor adds terms or modifies in any way, not acceptance, but a new offer It must be delivered to the offeror to be valid Delivery occurs after it has left your control Though you may withdraw if withdrawl reaches offeror before acceptance does See the case of Lyon v. Adgraphics (p. 330-31 in text)
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Consideration Something of value must be given to the bargain by each party to the K Exchange of gifts are not enforceable Ks Value does not have to be equal however Intangibles can be consideration Information Publicity Past events can not be consideration
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Statute of Frauds Sets out a requirement for some Ks to be written to be enforceable See Ex. 11.2 on p. 333 in text for list of Ks requiring writing)
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