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HA 387 Final Review Sheet

HA 387 Final Review Sheet - HA 387 Final Exam Review...

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HA 387 Final Exam Review Contracts: Legally enforceable agreement (K) Benefit of: makes businesses more predictable 3 requirement: 1. mutual assent a. meeting of the minds b. both parties must know that they are getting in the contract c. objective reasonable person test 1. Offer (offeror = person making offer) ee= accepts a. Clear Intent to make an offer i. Outward or objective manifestation of intentions (how other people perceive your offer, what reasonable person would think, not what is in your head) lucy vs summer b. Terms need to be definite (which thing, how much, etc.) c. Ways to terminate offer i. Lapse = only good for period of time or reasonable amount of time given circumstances-expressed terms ii. Revocation = offeror takes back offer, no longer able to be accepted, must be done before acceptance iii. Rejection = Offeror terminates first offer when other person makes new offer iv. Acceptance = when oferee accepts offer, u have a contract 2. Acceptance a. mutual assent both parties agree to terms of contract b. must be a meeting of the minds c. Mirror Image Rule = Acceptance must mirror the terms of the offer, any changes constitute a rejection d. Must accept the offer in the manner in which the offeror gave them instructions 1. silence is not acceptance 2. unilateral acceptance occurs once performance has ended 3. Consideration a. A bargained for exchange in which both parties to the contract get a benefit and suffer a detriment b. Gifts- are not legally enforceable or considerations Illusory promise- “if I feel like it” are not considerations
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How to get out of a Contract 1. No capacity to contract: a. Court determines person is insane b. Not of age, minor i. Adult who contracted with minor can attempt to get back their property c. Intoxicated Party i. Voidable by drunk party d. Mistakes i. Mutual : Mistake is mutual and about a material aspect, or issue of value within the contract ii. Unilateral : Must be about a material aspect of contract, tougher to rescind than mutual (painting at garage sale) 1. contract will be held void if offoree knew that offeror was making a mistake in offer 2. unconscionable to uphold contract 3.
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