LGS Exam 2 TermsPDF

Acceptance ie a sends offer to b on may 3rd at noon b

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Unformatted text preview: far apart and there is a gap in time between the offer and acceptance i.e. A sends offer to B on May 3rd at noon; B receives offer May 6th at noon; B sends acceptance May 7th at noon. Termination of an offer o Lapse of Time- A stated time period after which an offer terminates, if no time is stated an offer terminates after a reasonable time o Subject Matter- If the subject matter of the offer is destroyed through no fault of either party o The offeree lacks competence or dies o Illegality- The object of the offer is made illegal by law Lucy vs. Zehmer Case o Demonstrates 2 elements of contract formation; Zehmer said in court the offer lacked capacity and agreement and he lost the case b/c the reasonable person would think it was an offer Statute of Frauds o Requires certain contracts to be in writing; to show specific terms o • • • M.Y.L.E.G.S. Marriage- Shows evidence of agreement Year- if the agreement is longer than a year it has to be in writing Land Estate/Executer- Promise to pay the bills of the deceased Goods Uniform Commercial Code- Goods greater than $500 Surety- Promise to pay the debt of another person Non-Compete Clauses o Employment law that states for limited duration and geographical scope if laid off you will not go out and immedi...
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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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