78 beneficiary when a promise will benefit someone

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78) Beneficiary – when a promise will benefit someone other than the promise 79) Quasi-contract – arises in the absence of a promise, a transaction that prevents Unjust Enrichment 80) Unjust Enrichment – a situation where one person unfairly benefits from a transaction 81) Restitution – an action to avoid unjust enrichment a) Assent – each party to the contract must manifest or reveal intent to be bound to a given exchange b) Represents the rationale for enforcing the contract c) No party will be bound to a contract they did not intent to enter d) Meeting of the Minds – to capture the notion that there must be mutual agreement about the exchange to be performed 82) Express Conditions – conditions which are stated deliberately in the contract 83) Implied Conditions – implied in fact or by nature of the agreement a) Can also be implied by law 84) Conditions can be categorized by TIME , a) Conditions precedent – something must be met before the other party is obligated b) Conditions concurrent – conditions that require both parties to perform c) Conditions subsequent – may abolish liability or obligation 85) Elements of Mutual assent a) Offer – on the part of one party a.i) Section 24 of the Restatement defines offer as “manifestation of willingness to enter into a bargain….” a.ii) Offeror – person making the offer a.iii) Offeree - person to whom the offer is made (a.iii.1) Offer must be communicated to the offeree (a.iii.2) Must be directed at a particular person or group, and accepted by said person or group (a.iii.3) Must invite acceptance, and give the impression that once acceptance is granted a contract will be created without further action (a.iii.4) Offer must indicate an intent to make a contract b) Invitation to make an offer or solicitation (b.i.1) Mass mailings or coupons are not intended to be an offer to the public at large c) Acceptance – on the part of the other party 86) Objective Standard – courts determine intent by analyzing how a reasonable person would construe the words or conduct of the parties a) Subjective intent- words not communicated, impression of agreeing to a contract
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BUSINESS LAW - CLEP 87) Termination of contract a) Terminated after the stated time of acceptance has passed b) Or if not stated, after a reasonable period of time has passed c) If the offeror (person making offer) dies before acceptance – even if offeree is unaware d) The offeror is mentally incompetent before acceptance e) Generally the offeror can terminate the offer any time prior to acceptance referred to as REVOCATION e.i) Revocation – when an offer is withdrawn prior to acceptance (e.i.1) Directly – the offeror indicates by words the offer is off, this indication revokes the offer (e.i.2) Indirectly - when the offeror takes action that are inconsistent with the intent to be bound and the offeree has knowledge of said actions f) Offers may not be revoked for the following: f.i) If the offeree has paid to keep the offer open f.ii)If the offeror has agreed to keep the offer open f.iii)
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