MANGMT 3540 Chapter Notes - Chapter 7: Quid Pro Quo, Quasi-Contract
Document Summary
Gift at a future time is not enforceable. The outward expression of agreement by all parties to the terms of a contract. Both the offer and the acceptance are viewed objectively. Something of value given or detriment suffered in exchange for a promise. Allows promise to be enforceable as a contract. Promise to make a gift is not enforceable. Minors, mentally incompetent persons and highly intoxicated persons may not enter a valid contract, and typically have the option to enforce or avoid contracts they enter. The terms and performance of a contact must be legal- a contract involving illegality is void. Assent to a contract is not real or voluntary, the contact is voidable. Contract is obtained through fraudulent misrepresentation or duress. Formalized by a signed writing or a signed and witnessed writing to be enforceable. A promise in exchange for a promise. Promise in exchange for a completed act because the offer clearly contemplates acceptance by performance.
