BUS 121 UA 2-1

BUS 121 UA 2-1 - UA 2 1 Objective: 1. List the 4 main...

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UA 2 – 1 Objective: 1. List the 4 main elements (requirements) of a valid contract. a. Mutual Agreement – agreement between the parties arrived at through offer and acceptance b. Consideration – something of value exchanged by each party c. Competent parties – parties have the legal and mental ability to enter into binding contracts d. Legal purpose – subject matter of contract must not be against the law 2. Tell when an offer becomes mutual agreement. a. When the offeree accepts an offer, the first requirement of a valid contract has been satisfied. 3. Tell what the difference is between an implied and an expressed contract. a. An expressed contract is a contract in which the agreement is specifically stated; whereas, and implied contract is a contract formed from actions of the parties rather than from a specific oral or written agreement. 4. Describe an implied contract, and give 3 examples of implied contracts that you have been a party to. a.
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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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BUS 121 UA 2-1 - UA 2 1 Objective: 1. List the 4 main...

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