Test 2 lectures - Test2 20:01 [email protected] m...

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Test 2 20:01 [email protected]     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 o Condition precedent- some stated event outlined in contract has to occur  before any obligation of the contract rises (mow my lawn unless it rains  more than 1 inch) o Condition subsequent-contract starts right now and continues to operate  until to stated event occurs (water my lawn until we get at least 3 inches of  rain) o Condition concurrent- I don’t have to perform until you have to perform and  vise-versa (took each others things and hand over object to each other at  same time)
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Unconditional Contract- no conditions to it (absolute contract) you have to do  it Bilateral contract- mutual exchange of legally enforceable promises- both  sides promise to do it and have to keep up both ends of their deal Unilateral contract- where the offerer says I need you to do this this and this ill  pay you this. Person says I promise to do this by the weekend but you went  out Thursday and got drunk and got in trouble but you went out and 
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