contract notes

contract notes - o o Before- dealt with manufacturers face...

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Before- dealt with manufacturers face to face o Now- majority of people are in industrial society- deal with people we don't know o Moved from buyer beware to seller beware situation o Voluntarily entered into Legally enforceable contract- when it has those 4 elements- courts will give remedy to those in case of breach of contract and recover damages Parties to a contract- offeror; offeree; those parties can change when they negotiate; each time may change positions Offeree must accept the offer as made without variation- acceptance; Four basic requirements: lawful object, consideration, contractual capacity, agreement Consideration- change status quo and will be enforced by court Verbal vs. written contract- how enforceable Certain contracts need to be in writing; rental contracts must be in writing Best to be in writing- promissory note Always get contracts in writing so it is documented. Elements of a contract
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This note was uploaded on 02/13/2012 for the course BUSM 450 taught by Professor Olsen during the Winter '12 term at BYU.

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contract notes - o o Before- dealt with manufacturers face...

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