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Key Terms and Concepts in Contract Law - Prof. Todd Livingston, Study notes of Business and Labour Law

This chapter covers various contract law terms, including communicating media, limited class of offeree, offer, output-requirement, reasonable third-party, first come first serve, and more. Learn about the legal implications of each term through real-life examples and case studies.

Typology: Study notes

2009/2010

Uploaded on 12/15/2010

saimac15
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Chapter 11
Key Terms
Communicating Media: these are tvs, radios, and web where offers are’nt intended for
anyone specific thus are not generally considered real offers
Limited Class of Offeree: these type of offers pertain to a limited number of offerees,
such as the first ten people
Offer: a clear and defined proposal insinuating a contract
Output-Requirement: an exception to the quantity terms for contracts under the UCC
which allows merchants to purchase goods on a need based contract.
Reasonable Third-Party: one who would use the objective test to qualify whether or not
an exchange could be considered a contract.
First Come First Serve: a type of limited number offer pertaining to the first one.
Lucy V. Zehmer: A case is which the court decided that the contract between a farmer
and his friend in a semi-drunken state was legal and binding. In brief, the farmer was
trying to play a joke on his friend when he jokingly signed a napkin promising to sell his
land.
Offeror: the one who makes the offer
Power of Acceptance: this power only rest with the offeree whose consent or decline
would cause the establishment of a contract.
Reward K: This is a type of offer which can only be obtained through an act.
Gap Filling: in a contract where the price is not established, the courts will decide what
price the contract should have.
Offeree: the person being offered, they have the power of acceptance.
Objective test: asking whether or not a reasonable person would see a certain exchange as
a contract exchange.
Preliminary Negotiation: this is vague and unclear proposals and answers between the
offeror and offeree that does not establish a contract.
Vague K: a vague contract in which one or more elements have been left out, this type of
contract is not enforceable
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Chapter 11 Key Terms Communicating Media: these are tvs, radios, and web where offers are’nt intended for anyone specific thus are not generally considered real offers Limited Class of Offeree: these type of offers pertain to a limited number of offerees, such as the first ten people Offer: a clear and defined proposal insinuating a contract Output-Requirement: an exception to the quantity terms for contracts under the UCC which allows merchants to purchase goods on a need based contract. Reasonable Third-Party: one who would use the objective test to qualify whether or not an exchange could be considered a contract. First Come First Serve: a type of limited number offer pertaining to the first one. Lucy V. Zehmer: A case is which the court decided that the contract between a farmer and his friend in a semi-drunken state was legal and binding. In brief, the farmer was trying to play a joke on his friend when he jokingly signed a napkin promising to sell his land. Offeror: the one who makes the offer Power of Acceptance: this power only rest with the offeree whose consent or decline would cause the establishment of a contract. Reward K: This is a type of offer which can only be obtained through an act. Gap Filling: in a contract where the price is not established, the courts will decide what price the contract should have. Offeree: the person being offered, they have the power of acceptance. Objective test: asking whether or not a reasonable person would see a certain exchange as a contract exchange. Preliminary Negotiation: this is vague and unclear proposals and answers between the offeror and offeree that does not establish a contract. Vague K: a vague contract in which one or more elements have been left out, this type of contract is not enforceable

Review Problems: a. Yes this is an offer because it is a promise for an act, the act being, me having to graduate from college. b. This is not an offer because her language was unclear and indefinite, when she says “I am considering…” she has not used definite terminology to state that she WILL do something. c. d. It depends if he signs and I also write my name and promise to pay him $8,500 for the BMW, if this occurs, then yes it is a valid contract. E1) Not offer because the quantity terms is not met. E2) Offer because, the output requirement is an exception to the quantity law. E3) This is still an offer in which, if the price isn’t settled later or is debateable, the courts will decide on the price. E4) This is not a n offer, because there are vague part to it, ie, it is not enforceable in court. f. This is not a legitimate offer because it was not intended for me. I was not the person the offer was intended for.