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Unformatted text preview: Executory- not yet Executed- carried out Bilateral- both make promises Unilateral- lost dog Formal- specific wording Informal- no requirements Express- stated by parties Implied- imputed by law Contract Sequence: 1. FORMING Discuss terms, one makes offer, communicate offer, accept=prima facie contract 2. PERFORMING legal obligation to carry out promises, must be perfect or full; failure=breach of contract. 3. GETTING OUT (optional) unmake or escape contract; last resort. FORMING THE CONTRACT Negotiation and Terms- Offer- identity of parties, actual legal detriment, due date Incorporation by reference: incorporating terms from other documents Referring back: including terms from previous offers Manifest- offeror indication that he wishes to be bound to those terms. Offeree must unequivocally accept offer. If offeree rejects offer, offer is terminated and no contract is formed....
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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