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Unformatted text preview: POL 319.01 – SPRING 2012 MIDTERM REVIEW SHEET CHAPTER 10 – NATURE AND TERMINOLOGY • The objective theory of contracts • 4 Elements of a valid contract • 2 Defenses to an otherwise valid contract • Bilateral v. Unilateral contract • Traditional v. Modern view relating to Unilateral contracts • Formal v. Informal contracts • Express v. Implied-In-Fact contracts • Requirements for an Implied-In-Fact contract • Executed v. Executory contracts • Difference between Valid, Voidable, Void and Unenforceable contracts • Quasi contract • Interpretation of contracts – The Plain Meaning Rule CHAPTER 11 - AGREEMENT • Requirements of a valid offer (serious intention, definiteness of terms and communication) • Intention determined by applying objective theory of contracts • Offers made in jest, anger or undue excitement • Expressions of opinion • Statements of future intent • Invitations to negotiate • Advertisements – general rule • Auctions (be able to contrast auctions with reserve v. auctions without reserve) • Termination of Offers by Action of Parties – revocation, rejection and/or counteroffer • Irrevocable offers (i.e. option contracts and firm offers) • Termination of Offers by Operation of Law – lapse of time, destruction of subject matter,...
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- Spring '07
- Contract Law, restraint of trade, 18 years, $500