CHAPTER 10-18 BLAW Final

CHAPTER 10-18 BLAW Final - CHAPTER 10 What is the objective...

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CHAPTER 10 What is the objective theory of contracts and what elements does it permit to be considered in determining whether the parties formed a contract? Glen owns two all-terrain vehicles (ATVs) worth $1,000 and $500, respectively. Holly agrees to buy “Glen’s ATV” for $750. Glen believes, in good faith, that he is selling the $500 ATV. Holly believes, in good faith, that she is buying the $1,000 ATV. In this situation there is no contract. What are the differences between a bilateral and unilateral contract? If the offeree (To whom the offer is made) can accept simply by promising to perform the contract is bilateral. If the contract is phrased so that the offeree can accept the offer only by completing the contract performance, the contract is unilateral. What is the difference between an express contract and one implied-in-fact? Jay tells Kim that he will buy her used textbook from last semester for $80. Kim agrees. Jay and Kim have an express contract. What are contracts implied-by-law or quasi contracts? Are fictional contracts created by courts and imposed on parties in the interests of fairness and justice. (physician saved a guy for “free” when he was unconscious, but then the guy ahs to pay back the service received) When does an executory contract become an executed contract? Executory contract: has not been fully completed Executed contract: has been fully performed What is an unenforceable contract? A contract that cannot be enforced because of certain legal defenses against it. A party failed to satisfy a legal requirement. What factors can make a contract unenforceable? An otherwise valid contract may be unenforceable if it is not in writing. True What are the four requirements that must be met before a valid contract exists? Jay is mentally incompetent but has not been so adjudged by a court. Any contract Jay enters into is voidable if he either does not know it is a contract or does not comprehend the consequences. CHAPTER 11 Are advertisements considered offers? An advertisement is generally considered to be an invitation to negotiate. True
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What is acceptance? What is the mirror image rule? Mirror image rule requires the offeree’s (To whom the offer is made) acceptance to match the offeror’s offer exactly Acceptance is a voluntary act by the offeree that shows assent to the term of an offer. For its terms to be definite, what elements must be expressed in a contract? Agreement (Offer and Acceptance). Consideration. Contractual Capacity. Purpose of contract is to accomplish some goal that is legal and does not violate a statute or is otherwise against public policy. Who may revoke an offer?
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This note was uploaded on 11/08/2011 for the course BLAW 2200 taught by Professor Staff during the Fall '03 term at Kennesaw.

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CHAPTER 10-18 BLAW Final - CHAPTER 10 What is the objective...

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