BUS 121 UA 2-1 Answers from instructor

BUS 121 UA 2-1 Answers from instructor - of the parties....

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UA 2-1 Answers 0 messages - 0 unread UNIT 2-1 1. What are the elements (requirements) of a valid (legal or binding) contract? agreement (offer and acceptance), competent parties, promise of exchange of value between the parties consideration), does not violate criminal law (legal purpose). 2. an offer becomes mutual agreement when the offeree has accepted it, either by their implied actions, or orally, or by signing the written contract AND starting the return of the agreement to the offeror. the offeror may not know there is a contract (mutual agreement), but it is valid and binding on the offeror once the return process has started, like when the offeree puts it back in the mail to the offeror. 3. the difference is between an implied and an expressed contract is whether words are used. implied contracts have no words used, just the implied actions
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Unformatted text preview: of the parties. expressed means oral or written. 4. buying goods in most stores constitute implied contracts since there are no negotiation of terms. paying for gas with a credit card at the pump is an implied contract. leaving your clothes at a cleaners without discussing price is an implied contract. buying at a vending machine is an implied contract. 5. Which element (requirement) of a contract applies only to written contracts? Signature ALL OTHER ELEMENTS (REQUIREMENTS) APPLY TO ALL CONTRACTS. Otherwise they would not be a contact. 6. How can a contract be void? Voidable? It is void when it does not meet ALL requirements. It is voidable when one party has the right to void it because that party is incompetent. Minors can void all their contracts except those pertaining to their business or to buy necessaries....
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This note was uploaded on 11/18/2011 for the course BUS 121 taught by Professor Smith during the Spring '10 term at Lander.

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