MCLawCh11notes

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

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Unformatted text preview: Chapter 11: Contract and Employment Law 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 M eeting of the M inds The par ties to the K agree to be bound and the agreement is specific enough to be enforceable Usually for med in negotiations One par ty makes an offer Other par ty either accepts or rejects the ter ms. I f rejected, no K. I f accepted, with consideration given, then a K is for med. Offer Must be ver y specific May be express or implied Express: oral or in wr iting with detailed ter ms I mplied: communicated by the conduct of the offeror Conduct can creat e impression of gift rather than offer Acceptance A simple accession to the or iginal offer I f the acceptor adds ter ms or modifies in any way, not acceptance, but a new offer I t must be delivered to the offeror to be valid Deliver y 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) Consider ation Something of value must be given to the bargain by each par ty to the K Exchange of gifts are not enforceable Ks Value does not have to be equal however I ntangibles can be consideration I nfor mation Publicity Past events can not be consideration Statute of Fr auds Sets out a requirement for some Ks to be wr itten to be enforceable See Ex. 11.2 on p. 333 in text for list of Ks requir ing wr iting)...
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This note was uploaded on 10/03/2011 for the course MCOM 3320 taught by Professor Parksinson during the Spring '08 term at Texas Tech.

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

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