LGLS 1101 Lecture Notes - Lecture 2: Meeting Of The Minds

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crimsonelk732

12 Apr 2016

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In order for something to be considered a valid contract three standards must be met; mutual assent, consideration and no defenses to formation. Mutual assent was met when an offer was made by the pangaro"s presses manufactures for the agreed amount of printing presses for one million dollars. This offer came in the form of a letter on january 17th. The acceptance to the offer comes in form of an unanswered phone call on january 17th. There are no defenses to formation because the agreement is completely legal. Yes, the ucc would be implied in this transaction because the ucc deals with business transactions that deal with the sale of personal property not including real property. Yes the statute of frauds has been met when the letter that was sent to. Nicole that included the offer was delivered on january 17th.

Related Questions

1.(Please Note: There may be more than one correct answer)

If Peggy says to Larry, "I'll give you $50 if you stand on your head for one hour":

	a.	Larry must verbalize his assent in order to render effective acceptance.
	b.	The statement can form the basis for a unilateral contract.
	c.	Larry must stand on his head to accept Peggy's offer.
	d.	Peggy and Larry have created a contigent cont

2. An acceptance is effective as soon as it is dispatched if the offeree uses:

	a.	any reasonable means of communication.
	b.	only a stipulated means of communication.
	c.	only an authorized means of communication.
	d.	an authorized as well as the stipulated means of communication.

3.Under the UCC, an order requesting "prompt" shipment of goods:

	a.	impliedly invites acceptance only by a prompt promise to ship.
	b.	invites acceptance by either a prompt promise to ship or by prompt shipment of goods.
	c.	requires acceptance via writing within a "reasonable" time frame.
	d.	impliedly invites acceptance only by a prompt shipment of goods.

4. (Please Note: There may be more than one correct answer)

On February 21, 2012, Stateville College President Erhlich sent a letter to Lt Governor Alfred E. Neuman asking Neuman to speak at theStateville College commencement on the topic "Do Brains and Politics Mix?" On February 24, Neuman responded in a fax, "I'll speak if you will pay a $50,000 speaking fee." On February 25, President Erhlich heard Neuman say something unintelligent on the morning news program and sent an email to Neuman which said "I revoke my offer for you to speak at commencement." Ten minutes later, Neumanchecked his email on his smartphone, and five minutes after that Neuman called Erhlich and said, "I've changed my mind. I accept your offer and I'll be glad to speak for free." Which of the following is a correct statement of the law?

	a.	Neuman's fax was a counter-offer which terminated Ehrlich's offer.
	b.	If Neuman's February 24 fax can be viewed as an inquiry rather than a counter-offer, and Ehrlich had received Neuman's call before Neuman received Ehrlich's email, Ehrlich would have been bound to a contract with Neuman despite his attempt to revoke because his revocation would only have been efffective when received by Neuman.
	c.	Under these circumstances, Ehrlich had no right to revoke his offer at any time before receiving Neuman's call.
	d.	Even if Neuman had phoned to accept before reading Erhlich's email, no contract would have formed because the February 25 email was not effective to revoke the offer made on February 21.

5. Browse wrap agreements are:

	a.	in paper form.
	b.	viewed by some courts as voidable.
	c.	per se illegal.
	d.	viewed by some courts as illegal.

purplehippopotamus358

From the book: Miller, R. (2013). Fundamentals of Business Law: Summarized Cases. 9th ed. South-Western, Cengage Learning. ISBN: 978-1111530624

As you are well aware the âdigital ageâ is upon us and with it come the benefits and detriments of being able to dispense with formal written contracts and engage in contractual activity by electronic interface â online commerce. You will have an appreciation that the first step in making a contract is to have a meeting of the minds: The components of this element are i) the making of an offer, and ii) the making of an acceptance of the offer. Traditionally, the offeror can simply say to the offeree, âI will pay you $100 for 100 widgets.â This would be a face-to-face situation and the offeree might reply, âI agree to sell you 100 widgets for $100.â The arrangement may or may not be reduced to written form, but this is not necessary.

Modernly, the offeror may well be sitting at a keyboard and never sees the offeree who is receiving the offer by electronic transmission on an iPad. This will increasingly be the reality in consideration of ecological sustainability concerns and the increasing power and efficiency of online communications.

What contrasts can be made as to whether an offer and acceptance have been made in a face-to-face situation as compared with an online arrangement?

A Bus Law Question it is not in the selection subject. Contract law question

yellowmacaw651

Under which of the following conditions would the signing of a contract by Adam NOT be considered duress?
Answer
A. Ben holds a gun to Adam's head.
B. Ben is holding Adam on the ground threatening to beat him.
C. Ben threatens the entire criminal prosecution process against Adam, "When I finish with you, you'll be underneath the jail!"
D. None of the above, that is, ALL of the above examples would constitute duress by Ben upon Adam.

Andy Youngman called at the used car lot of Shearem & Co. and saw a 1979 automobile with $1000 painted on the windshield. Shearem lied to Andy telling him that the car was a 1980 model, but Andy knew that it was NOT because Andy knew the 1980 models were smaller. Is the contract voidable for Fraud because Shearem said it was a 1980 model?

Answer
A. YES
B. NO

In the above Question #31, was there an offer to sell the car for $1000?
Answer
A. YES
B. NO

Cindy purchases a sparkling stone from Sally for $20. At the time of contracting, neither party had any idea what the stone was. Later, when Sally is cleaning the stone before delivery to Cindy, she discovers that it is an uncut diamond worth $200,000. Based on the above situation:
Answer
A. Sally can have the contract rescinded on the basis of unilateral mistake.
B. Cindy can have the contract rescinded on the basis of unilateral mistake.
C. Either or each of the parties can have the contract rescinded on the basis of mutual mistake.
D. Neither party can have the contract rescinded on the basis of mutual mistake. This is an arms length transaction. The contract stands.

Edsel, an attorney, requests bids for built-in bookcases for his new office. Three contractors, Larry, Curley and Moe submit bids. The bids are $5300, $5100 and $520 respectively. Moe's bid of $520 was way off the mark, considering the specifications that were to be included in the bid. Edsel accepts Moe's bid. Moe then realizes his error and discovers his "missing zero" of his bid. His bid should have read "$5200". Based on the above situation, the contract is probably:
Answer
A. Not voidable; Moe would be forced to complete the contract at the accepted price.
B. Voidable, on the basis of mutual mistake.
C. Voidable on the basis of unilateral mistake.
D. Voidable on the basis of fraud.

LGLS 1101 Lecture Notes - Lecture 2: Meeting Of The Minds

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