CLASS NOTES Week 7 Business Contract

CLASS NOTES Week 7 Business Contract - Voidable (minor)...

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CLASS NOTES Business contract: Legal enforceable agreement between two parties. Set up uniformity Standards Guidelines Know what’s expected Elements: Legal activity Mutual agreement Be of “sane” mind “competent Consideration (money) exchanged Adjudicated – “Insane” legally by law Due diligence – Do your research Contracts: Oral Written Executed (all parties have completed their obligations) Executory (certain parts have yet to be completed) Void (minor, not competent, illegal)
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Unformatted text preview: Voidable (minor) Offer: Definite & certain Communicated Enforceable obligation Acceptance: Communicated Method of communication (mail, registered mail, email, telephone, fax) Effective: Due date (mail box rule) Counter offer: Change of terms Termination of offer: Lapse of time (prudent person) Revocation (other party withdrew) Rejection Defective agreement: Fraudulent Mistake Under duress (obligated)...
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This note was uploaded on 11/27/2011 for the course BUSN 319 taught by Professor Amanda andres during the Spring '11 term at DeVry Long Beach.

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CLASS NOTES Week 7 Business Contract - Voidable (minor)...

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