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Lecture

BU231 Lecture Notes - Contract


Department
Business
Course Code
BU231
Professor
Valerie Irie

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Contract Law:
-contract must be recognized in the law
Offer:
-not binding until they accept
-don’t negotiate to buy things, set prices, set offers
-rogers/bell cell phone contract
-reasonable and sufficient notice where those terms are
Standard Form Contract:
-barley able to function, convenient and efficient
-only when issues arise do people have problems with contracts
-have to make sure person whose writing contract isn’t taking advantage of other people and that they
are being fair
-gets into car accident
-smashed car into pole to avoid collision
-had been drinking during time of accident
-pleaded guilty to drinking and driving
-in civil in evidence found that in spite of omission, he was actually in proper control of vehicle at all
times
-reverse side on contract in small print, agrees not to use if breaking any law
-went from having 100% coverage to 100% liability
-court said not right, something that unexpected, nobody told him that
-if going to include terms that unusual in someway, party who drafted contract to make sure no
unexpected terms, if they are, brought to attention of other party of signing the contract
Counter-Offer:
-generally speaking of the offer
-most common form
-in order for contract to be formed next step is acceptance
-must be full consent
Acceptance:
-at that moment contract is formed
-need to know for variety of reasons
-unilateral contract, person accepts it by performance
-problem has to do with timing has right to revoke offer up until time of acceptance
-what if you decide to revoke right before person finishes task
-started performance in good faith means offeror loses right to revoke
-offer has to be communicated to another party
-no contract never communicated offer to her (poochie-poo)
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