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An in-depth analysis of contracts and offers in business law. It covers the definition of a contract, its elements, defenses, sources, classifications, and interpretation. Additionally, it discusses the elements of a valid offer, definite terms, termination, and acceptance. This information is essential for anyone studying business law or related fields.
Typology: Summaries
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Business Law Ch 13: Contracts Contract : A legally enforceable promise, “a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.” Elements required : Agreement ( offer and acceptance) consideration (by both), Contractual capacity (legal ability to enter binding agreement) legal object (can’t be illegal) Defences to contract : lack of genuine assent (fraud, duress, undue influence, misrep) lack of proper form requirements Objective theory of contracts : means we base the existence of a contract on the parties’ outward manifestations of intent and we base its interpretation on how a reasonable person would interpret it. Thus, the subjective intent of the parties is not usually relevant; what matters is how they represented their intent through their actions and words. Sources of Contract Law : The two most important sources of contract law are case law and the Uniform Commercial code (UCC). Classification of Contracts : Bilateral = Exchange of promises. Unilateral = Promise in return for an act Express contract: based on written or spoken words Implied Contract: based on conduct or actions Quasi Contract (implied in law contract): Not actually contracts but imposed in certain cases to avoid unjust enrichment Valid contract: all elements of contract formation satisfied Void Contract: Illegal object or serious defect Voidable: Parties can withdraw from or enforce contract Unenforceable: court prohibits contract from being enforced Executed contract: all terms of contract are fully performed Executory Contract: Some duties under contract not performed by one/ both parties Formal contract: Have special form or created in specific manner (contracts under seal, letters of credit, recognizances, negotiable instruments) Informal contract: No formalities required in making; a simple contract Interpretation of Contracts : plain-meaning rule, which states that if a writing, or a term in question, appears to be plain and unambiguous on its face, we must determine
bilateral contract : what the offeror wants is not performance but, rather, a return promise.