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BA 242 - Exam 3

Business Law

QuestionAnswer
Contract A set of legally enforceable promises
Four Elements of a Contract Agreement, Consideration, Contractual Capacity, and Legal Object
Agreement Represented by a valid offer and a valid acceptance
Consideration Mutual Benefit (Mutually bargained-for exchange)
Legal Object The contract cannot be either illegal or against public policy
Defenses to an Enforceable Contract 1. Lack of Genuine Assent - Fraud, undue influence, and misrepresentation 2. Lack of proper for requirements -It lacks writing when required
Adhesion Take it or leave it contract
Capacity Old, young, and drunk do not have the legal capacity to enter into a contract
Sources of Contract Law 1. State Common Law 2. The Uniform Commercial Code
The Uniform Commercial Code Governs contracts fro the sale of goods
Bilateral Contract Exchange of promises
Unilateral Contract Promise in return for performance of act -ex) Reward for a lost dog
Objective Theory of Contracts What would an objective reasonable person think
Express Contract A contract based on a written or spoken words
Implied Contract (Implied-in fact) A contract based on conduct or actions
Quasi-Contract (Implied-in Law) Imposed in certain cases to avoid unjust enrichment
Valid Contract All elements of contract formatino are satisfied
Offeror The party proposing the contract
Offeree The party agreeing to or accepting the offer
Void Contract Illegal purpose/subject matter; unenforceable
Voidable Contract One or both parties can withdraw from contract
Executed Contract All terms of contract are fully performed
Executory Contract Some duties under contract not performed by one/both parties
Formal Contract Must meet special formal requirements
Informal Contract A simple contract - no formalities required
Elements of a Valid Offer 1. Intent - Manifestation of offeror's intent to be bound 2. Definite and Certain Terms 3. Communication of offer
Intent -A element of a valid offer -Intent is determined by the reasonable person standard
Definite and certain terms -A element of a valid offer -Including subject matter, price, quantity, and quality
Communication of offer to offeree A element of a valid offer
Termination of Offer 1. Revocation of Offeror 2. Rejection by Offeree 3. Death/Incapacity of Offereor 4. Destruction/ Subsequent Illegality of subject matter of offer 5. Lapse of time/failure of conditions specified by offer
Acceptance (part 1) - Prepresents an offeree's intent to be bound by the terms of the offer and the resulting contract -Silence generally does not constitute acceptance -Mirror Image Rule -Effective when communicated by offeree to offeror
Acceptance (part 2) - If no method of communicating acceptance specified in offer, any reasonable means of acceptance is effective
The Mailbox Rule Acceptance by mail effective when placed in mailbox; however, revocation of offer effective only when received by offeree
Mirror Image Rule Terms of acceptance must be identical to terms of offer
I offer you a job across the country and you move due to my promise but when I get there I have no job. I could sue for my losses because of promise Promissory Estoppel
Consideration Something of value given in exchange for something else of value; it must be the product of a mutually bargained-for exchange
Rules of Consideration 1. For a promise to be enforced legally, there must be consideration (exception promiCourt Rarely considers adequacy of consideration 2. Illusory promise does not constitute consideration 3. Neither does past cosideration 4. Pre-exishting dudy rule
Pre-existing duty Rule Promise to do something you already legally obligated to do is not valid cosideration
Created by: ejf5125
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