Chapter 13 - Chapter 13: Introduction to Contracts 1....

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Chapter 13: Introduction to Contracts 1. Contract: a set of legally enforceable promises a. Covenant not to complete: restrict what an employee may do after leaving a company, dictates where, when, and with whom an employee may work b. Elements of a Contract b.i. Agreement: an offer by one party, called the offeror, to enter into a contract and an acceptance of the terms of the offer by the other party, called the offeree b.ii. Mutual Consideration: the bargained-for exchange or what each party gets in exchange for his or her promise under the contract b.iii. Contractual Capacity: the legal ability to enter into a binding agreement b.iv. Legal Object: to be enforceable, it cannot be illegal or against public policy c. Defenses to a Contract c.i. Lack of genuine assent: when the offeror secures acceptance of the agreement through improper means such as fraud, duress, undue influence, or misrepresentation c.ii. Lack of proper form: lack concrete writing of a contract d. Objective theory of Contracts: base the existence of a contract on the parties’ outward manifestations of intent and base its interpretation on how a reasonable person would interpret it d.i. “Reasonable person” standard of contract formation and interpretation
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This note was uploaded on 03/27/2012 for the course BLS 442 taught by Professor Staff during the Spring '12 term at Miami University.

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Chapter 13 - Chapter 13: Introduction to Contracts 1....

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