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Unformatted text preview: term. Revocation: I changed my mind. As long as not accepted yet, rip it up! (withdrawal of offer) Letterbox Rule: revocation valid when received by offeree; acceptance valid when sent. Lapse: question of fact. Form of estoppel Negotiation: no intent; offer: intent (must be CLEAR) Lack of consideration: must have legal value Not consideration: past consideration (car wash) and preexisting duty Illegality: made for an illegal purpose (drugs) Requires an illegal act to complete (robbery/speed) Unconscionability: one party gets a clearly better deal (not fair) SEVERABILITY: any part of contract illegal, whole thing is unenforceable unless severability clause (severs offending portion) OPTIONS TO RESCIND: 1. Lack of capacity By law: minors and non compus mentus (insane) In fact: intoxicated and ncm (manic depressive)...
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This note was uploaded on 11/21/2011 for the course BUS 207 taught by Professor Perello during the Fall '03 term at Cal Poly.
- Fall '03