Bilateral offer If the terms of an offer indicates that all the offeror wants

Bilateral offer if the terms of an offer indicates

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 act o Unilateral offer Can only be accepted by performance of a particular act Promise in exchange for doing an act Apparent intent = a offer’s intent that the offer could only be accepted merely by the offeree’s clear indication of an intent to accept o Any brokerage (real estate agency, employment agency) o Find someone’s dog for $100 Express Contract 40
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o If intentions of the parties are stated fully and in explicit terms, either orally or writing Real estate lease, construction contract Implied Contracts o Contacts applied in fact o The promises/intentions of the parties have to be inferred primarily from their conduct and from the circumstances in which it occurred Getting a haircut and then it is implied that you pay Quasi contract o Exists 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 services o Only imposed in situations where failure to do so would allow one party to receive “an unjust enrichment” o Quantum merit = as much as deserved Valid Contract o One which all of the required elements are present, thus enforceable to both parties Voidable contracts o When 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 contract Ex: minors’ contracts Void Contracts o As 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 o Valid at the time it was made but was recently rendered unenforacable because application of some special rule of law 41
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Trying to get money back from someone who declared bankrupt Statute of limitations expired Death of person giving services Statute of fraud Statute of Frauds o Requires certain types of contracts to be in writing in order to be enforceable Contracts calling for sale of an interest in land Contract that cannot be perform within one year of its making Promise by one person to pay debt of another Promise made in consideration of marriage (prenup) Promise by administrator or executor of estate to pay a debt of the estate out of his own funds Negotiated Contracts o Contracts negotiated between two parties different from original offer Contracts of Adhesion o Are 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
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