BUSLAW NOTES 2 - October 9 2007 Contracts Contract a...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
October 9, 2007 Contracts Contract  – a legally enforceable promise o The essence of a civilized society o When you make a contract, the law requires you to fulfill it Elements of a legally enforceable promise (contract) o Offer & acceptance o Voluntary  (mutual consent) o Capacity  – 18 yrs + & sound mind o Supported by consideration Both sides give something of value (your word) Promise for a promise Unilateral contract Acceptance by performance Only one makes a promise then acceptance by performance Bilateral contract Promise for a promise w/ stipulations Gratuitous promise No acceptance nor consideration Breaching is unethical, but not illegal October 16, 2007 3 rd  Party Liability Case (supreme court) o Are banks & investment banking firms liable in fraud since they always know  the business’ financial status Unenforceable Contracts o Illegality  – a contract to perform an illegal act Ex.: a contract to kill someone o Procedure by fraud Fraudular inducement – inducing someone to enter into a contract by  lying (fraud) o Statute of limitation  – Outside the timeframe which was originally set up from  the beginning/in the contract Expressed & Implied Contracts o Expressed  – clear, expressed terms (car example) o Implied  – One or more terms implied from the circumstances Ex.: I promise to paint your house blue w/ *name brand of paint* for  $10,000 w/in two weeks
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Implied: I promise to do a  good   job  on this paint job o Unjust Enrichment (Implied) – Kwasi contract Imply a promise to pay a reasonable value for benefits knowingly  received   Not a written contract, but implied contract to pay a reasonable amount  Ex.: lawyers fees October 18, 2007 Promissory Estoppel – Kwasi contract o Legal remedy o One makes a credible, believable promise to another o No promise for promise o The 2 nd  party does not promise o The person to whom the promise is made acts in reliance to their detriment o Specific Promise o No specific acceptance but act in reliance to detriment  o Having both = Promissory Estoppel Objective vs. Subjective Theory of Contract o The courts & judges don’t care (the find irrelevant) what your intentions were o Subjective  – intentions  o Objective  – actions (facts) Offer o Facts + circumstances by which an offeror objectively manifests a present  intention to contract o Definite & specific o Offer must be communicated to the offeree  Advertisements  o Offer or request to receive an offer  (most common) o Exception: When an ad is very specific it is considered an offer Auctions o
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern