LGS Exam 2 TermsPDF

in this region exculpatory clauses o agreeing not to

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Unformatted text preview: ately compete against them For next two years you cannot….. in this region Exculpatory Clauses o Agreeing not to sue a company for known dangers; relieving company of legal obligations i.e. Go to ski resort and you sign a document that says I will not sue granted I get injured. Mutual assent/ lack of o Mutual Assent- Both parties say yes to the same thing o Lack of mutual assent- Both parties do not say yes • Hypotheticals (5) • Acceptance/ Rejection/ Revocation of an offer (terms that can terminate or create a contract) o Acceptance- To accept an offer; then it is a valid contract o Rejection- Terminate an original offer and take another offer o Revocation-Withdrawal of an offer by the offeror (person that makes the offer) that terminates the offer • • Liquidated Damages Clauses- If there is a breech in contract it is worth the set money value of the worth prior to the breech Compensatory Damages- Compensate the non-breaching party for their loss in the bargain. So if contract had been fulfilled then they would get what they deserved. To compensate for the loss Consequential Damages o Fo...
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This note was uploaded on 02/07/2014 for the course LGS 200 taught by Professor Turner during the Spring '07 term at Alabama.

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