BLS Notes - BLSNotes 17:57 CONTRACTS...

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BLS Notes 17:57 CONTRACTS Avoidable contract —one you can get out of Disaffirm or avoid the contract (done outside of court) Unavoidable contract- can take to court Must do so with in reasonable time—otherwise would have to pay the full amount— ratifying Reasonable time will depend on circumstances Executory contract- has not been completed by either party Car wash example haven’t washed the car yet, and haven’t got paid Executed- completed by both parties Partially executed (exuctory)- completed by one of the parties involved -people sue each other for breach of contract—has to be a contract ELEMENTS OF A CONTRACT 1. Agreement Offer Acceptance 2. Offer Present, serious contractual intent Cannot have a contract without this Definiteness (specifics)
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Communicated to the offere Letter that the offere doesn’t receive is not an offer ***Situations that are not offers:*** 1. Future offer (refers to present component) 2. Offer made in jest (refers to seriousness component) 3. Preliminary negotiations 4. Invitations  5. Invitation to offer 6. Inquiries  6.i. Will you pay me 3000 for my car? Not an offer 7. Answers to inquiries 7.i. If answer is yes, still not an offer ***Things that happen to an offer:*** 1. accepted by the offere 2. rejected by an offere 3. revocation (taking the offer back) by the offerer 4. terminate Revocation General rule: an offer can be revoked at any time prior to acceptance Effective revocation: terminates the offer Exceptions: irrevocable offers
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Option contract-common law or sales contract Firm offer-only in sales law -significant portion of all contracts are sales contracts -portion that is not sales are common law Sales Law Legislation Governed by Article 13 ORC; Article 2 UCC Present transfer of a title to goods Title-ownership Goods-tangible personal property Ex.) delivery man selling pizza—predominantly a sale Common Law Case law—laws made by judges Come from courts Types: 1. Sale of personal property 2. Contract for the sale for intangibles 3. Contract for services 4. For sale of business Ex.) fix car and need new parts—predominantly a common law Firm offer (sales apply)
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Offer Promise to keep the offer open Made by a merchant In writing For 3 months or less **no consideration required Offer rejection  effect: terminate the offer Flat rejection Counteroffer Sell for 10,000 say they will buy for 8,000 Qualified acceptance (common law contract)-counteroffer=rejection Ex.) say will buy for 10,000, but want basement cleaned Offer and acceptance has to be a perfect fit If changes at all in acceptance will be considered a qualified acceptance and therefore a  counter offer and therefore a rejection
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BLS Notes - BLSNotes 17:57 CONTRACTS...

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