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Exam Two Study Guide

Exam Two Study Guide - EXAM TWO STUDY GUIDE 50 questions...

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EXAM TWO STUDY GUIDE: 50 questions, Monday till 5 pm. Objective Theory of Contracts What we care about when trying to discern: in order of importance (what we can observe, not what was in their minds) 1. what they said or wrote- express 2. what they did- conduct 3. what the circumstances were - context Types of Contracts Bilateral promise for a promise as soon as promises are exchanged, it makes a valid and enforceable contract. Unilateral perform to accept traditionally, before performance was complete your acceptance was not accepted. Modern, once you start you accept Express v. Implied-in-fact o Expressed: in writing or spoken orally o Implied-in-fact: look at situation and find 1. Plaintiff provides property, goods, or services 2.Expecatation to be paid, Defendant knows # 2 3. Defendant has opportunity to reject but does not. Executed v. Executory executed: performed Executory: one party or the other has yet to perform Valid/Voidable/Void/Unenforceable Valid: have all elements of contract and no defense o Elements: 1. Agreement b/w 2 parties 2. Consideration 3. Capacity 4. Lawful object Voidable: problem with capacity ( minor, impaired, drunk, tricked, duress, undue influence, etc); one party has the right to cancel. Void: contract that never existed. Contract with mentally incompetent contract or illegal contract, will leave you as they found you w/ no remedy Unenforceable: have all elements, no defense to its formation, but fails to comply with another rule, like statute of frauds Quasi Contracts fake contracts, equitable doctrine. Manifestly “unfair” not to grant injured party something. Won’t get contract price (compensatory damages) but the worth of what you lost. “Value of performance.” Offers
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Serious intent (not an offer if…anger, jest, undue excitement)- Terms reasonably certain Communicated to the offeree by the offeror- only offeree has the power to accept vs. inquiries- “if” statement or question, not a contract. Can transition into a contract if an offer is made after. vs. advertisements- advertisements are inquiries or invitations to come in and make an offer. Definiteness of Terms- court will add terms if they aren’t definite enough, if they are court wont change anything. Termination how to terminate an offer, not a contract Revocation- offeror changes his mind o By act of the parties- by the parties conduct Options- even if promised to keep offer open for x amount of time, unless some type of consideration is given it can be closed at anytime. Detrimental Reliance- promissory estopel, if an offer if made and you reasonably rely on that offer to make economical changes you can reclaim those damages. Rejection and Counteroffer- offeree can reject and/or make a counteroffer By Operation of Law- death or incapacity, lapse of time, destruction of subject matter, illegality terminates contract automatically.
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Exam Two Study Guide - EXAM TWO STUDY GUIDE 50 questions...

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