100%(1)1 out of 1 people found this document helpful
This preview shows page 40 - 43 out of 63 pages.
Bilateral offer If the terms of an offer indicates that all the “offeror” wants at the present time from offeree is a return promise, rather than immediate performance of an actoUnilateral offerCan only be accepted by performance of a particular actPromise in exchange for doing an actApparent intent = a offer’s intent that the offer could only be accepted merely by the offeree’s clear indication of an intent to accept oAny brokerage (real estate agency, employment agency)oFind someone’s dog for $100Express Contract40
oIf intentions of the parties are stated fully and in explicit terms, either orally or writing Real estate lease, construction contractImplied ContractsoContacts applied in factoThe promises/intentions of the parties have to be inferred primarily from their conduct and from the circumstances in which it occurredGetting a haircut and then it is implied that you pay Quasi contract oExists only in those exceptional circumstances where a court feels compelled to impose an obligation upon on person regardless of whether he had any intention of making a contract“contracts implied in law”Ex: doctor providing first aid to unconscious man and later billing him without man’s intent to pay for servicesoOnly imposed in situations where failure to do so would allow one party to receive “an unjust enrichment”oQuantum merit = as much as deservedValid ContractoOne which all of the required elements are present, thus enforceable to both parties Voidable contractsoWhen one of the parties to a contract has the legal right to withdraw from it at a later time without liability Contracts with fraud fall in this category because the law permits the defrauded party to set aside the contractEx: minors’ contractsVoid ContractsoAs far as the law is concerned the contract never existed One of the parties is wholly incompetent at time of contracting (insane people)The purpose of the contract is totally illegal (contract to commit a crime)Unenforceable Contracts oValid at the time it was made but was recently rendered unenforacable becauseapplication of some special rule of law41
Trying to get money back from someone who declared bankruptStatute of limitations expiredDeath of person giving servicesStatute of fraud Statute of FraudsoRequires certain types of contracts to be in writing in order to be enforceableContracts calling for sale of an interest in landContract that cannot be perform within one year of its making Promise by one person to pay debt of anotherPromise made in consideration of marriage (prenup)Promise by administrator or executor of estate to pay a debt of the estateout of his own fundsNegotiated Contracts oContracts negotiated between two parties different from original offerContracts of Adhesion oAre formed where one party (usually having greatly superior bargaining power than the other) prepares the terms of a contract and presents it as a “take it or leave it” basis