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BLaw Ch 9
Terms in this set (33)
a promise that the law will enforce; exist to make business matters more predictable
Agreement, Consideration, Legality, & Capacity
four elements of a contract
one part must make a valid offer, and the other party must accept it
there has to be bargaining that leads to an exchange between the parties
the parties must be adults of sound mind
UCC Article II
governs the sale of goods; governs only if the primary purpose was the sale of goods
makes the law less flexible but more predictable. Judge will enforce the document the parties agreed to regardless of the outcome
makes the law more flexible but less predictable. the court will ignore certain provisions of a contract, or the entire contract, if the court feels that to enforce the contract would be unjust
neither party may trick or force the other into the agreement
third party interest
some contracts must be some contracts affect people other than the parties themselves
a court will award money or other relief to a party injured by a breach of contract
both parties make a promise (to do something) to/for each other
one party makes a promise to the other that the other party can accept only by doing something specific
two parties to the contract explicitly state all of the important terms of their agreement
the words and conduct of the parties indicate that the parties intended to make an agreement
satisfies the law's requirements
when the parties intend to form a valid bargain but some rule of law prevents enforcement
when the law permits one party to terminate the agreement (ex. one party committed fraud to induce the other party)
one that neither party can enforce, usually because the purpose is illegal or one of the parties had no legal authority (age)
defendant made a promise, plaintiff relied on the promise, and the only way to avoid injustice is to enforce the promise
a plaintiff can be compensated if they can show 1. he gave some benefit to the defendant 2. he reasonably expected to be paid for the benefit and the defendant knew this 3. the defendant would be unjustly enriched if she did not pay
damages awarded in a quasi contract (plaintiff gets "As much as he deserved")
an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms
meeting of the minds
parties must understand each other and intend to reach an agreement
may or may not be an offer, depending on the writer's intent
Is a letter of intent an offer?
Is an invitation to bargain an offer?
Is an advertisement an offer?
Revocation, rejection, counter offer, and expiration
What are the four different types of termination by offer?
destruction of the subject matter
property is damaged after offer is made, but prior to acceptance. No deal.
How does the offeree accept a unilateral contract?
make a promise
In a bilateral contract, how does the offeree generally accept?
Mirror Image Rule (Common Law)
requires that acceptance be on precisely the same terms as the offer
if one party's promise is conditional, the other party is not bound to the agreement
THIS SET IS OFTEN IN FOLDERS WITH...
BLaw Ch 10
BLaw Ch 11
BLaw Ch 12
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