LGS Exam 2 TermsPDF

Promise offer and acceptance ie if you promise to

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

Ask a homework question - tutors are online