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Chapter_9_and_10_Notes_(Offer_and_Acceptance)

Chapter_9_and_10_Notes_(Offer_and_Acceptance) - OFFER AND...

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OFFER AND ACCEPTANCE (CHAPTER 9 AND 10) I) Elements of a Contract A) Agreement 1) Offer (offeror) 2) Acceptance (offeree) B) Consideration 1) The promise to make a gift is not legally enforceable C) Legality 1) It must be for a lawful purpose 2) A non-compete may not hold up in court (free competition) D) Capacity 1) Under 18/under the influence/ under mental capacity 2) Voidable (only the person that was incapacitated can void the contract) II) Types/Classifications of Contracts E) Bilateral Contract 1) A promise for a promise 2) If you promise, I promise… 3) agrees by agreeing F) Unilateral Contract 1) An act for a promise 2) If you do it, I promise… 3) Not liable for not doing it 4) Agrees by doing it 5) Offerors promise is only binding G) Express Contract 1) Created by parties’ words 2) Not most favorable contract (hard to prove) H) Implied Contract 1) Created by the parties’ conduct over time 2) Court can’t order for the future I) Enforceability 1) Valid Contract (i) Has all of the “Elements of a Contract” 2) Unenforceable Contract (i) Has all elements, but for some other reason it isn’t enforceable (statute of limitations) 3) Voidable Contract (i) Is otherwise enforceable, but one of the parties has a right to cancel it 4) Void Agreement (i) No contract at all (ii) Missing one of the three elements J) Executory Contract 1) Contract in which there is at least one duty to be performed K) Executed Contract
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