LGS Exam 2 TermsPDF

Promise offer and acceptance ie if you promise to

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Unformatted text preview: o important Bilateral Offer- negotiated o A promise for a promise; Offer and acceptance (i.e. If you promise to paint my house by next April 1st I will give you $1000.) Unilateral Offer o A promise for a specific act, you have to preform the act entirely (i.e. First person to show up to wash my car gets $50) Implied in Fact Contract o A contract in which agreement between parties has been inferred from their conduct (i.e. waited on at a restaurant) Contracts Implied in law/ quasi contracts o Quasi contract- It is not really a contract but the court will find an obligation on the other party Mistake o When there is a mutual mistake of material fact (A fact that is critical to the agreement) Consideration o Something of legal value given in exchange for a promise (i.e. I will pay you $1,000 not to build a road by my house) Promissory Estoppel o Even if there is verbal agreement, but you know plan to not pay/ follow through but know there is an expectation of you (find equitable remedy) • i.e. Company starts painting your house and you know it is a mistake but let them continue to paint the house you refuse to pay, you are at fault Capacity/Emancipation/Minors right to contract o Lacking capacity Minors- Gives minors the right to cancel contracts they have entered into with adults (infancy doctrine) • Emancipated minors- Have capacity b/c not under parental control but laws will...
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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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