Test 2 lectures

Test 2 lectures - Test2 14:23 gmtresearch@mays.tamu.edu m...

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Test 2 14:23 mgmtresearch@mays.tamu.edu     phase 1 today phase 2 October 25 th more application on this test Chapter 4 Contracts Law- are mad up of promises A promise alone is not a contract Gives you a way to plan things Supposed to mutually helpful to both parties A legal agreement between 2 or more parties that defines the rights and  duties to each other party Determining factor- what would a reasonable person in a like situation think  that means Express contract- written or oral contract where the parties express every  detail about the contract Implied by fact contract- all the facts are there to give rise to a contract. May  not have said a word to each other… example is self service gas-gas is not  free it has a price on it- cant drive off Quasi contract (Implied by law contract)- not a legal contract but can be  implied by law or by judge (courts don’t bail you out of a dumb deal) don’t win  this much- don’t rely or enter on purpose this type of contract unless you have  nothing to lose Conditional Contract- conditioned on something happening or not happening
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Test 2 lectures - Test2 14:23 gmtresearch@mays.tamu.edu m...

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