Test 2 lectures

Test 2 lectures - Test 2 20:01 mgmtresearch@mays.tamu.edu...

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: Test 2 20:01 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 dont bail you out of a dumb deal) dont win this much- dont 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 dont 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) 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...
View Full Document

Page1 / 8

Test 2 lectures - Test 2 20:01 mgmtresearch@mays.tamu.edu...

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