ADMS 2610 Lecture 2: ADMS 2610 Week 2 Jan 16th, 2014.docx

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Week 2: contracts: what is a contract, set of conditions and promises enforceable by law, are oral agreements legally enforceable in court, generally yes, difficulty is in proving the existence and conditions of the contract, parties in a contract, promisor, promisee, offeror, offeree, mortgagor, mortgagee, components of a contract a. In general, courts presume the intentions to enter contract exist unless: parties are not at arm"s length (relatives, friends, advertisement (merely invitation to do business, what are the exceptions to the exceptions, if contract was entered into before a lawyer, offer, clarity: must be unambiguous. [type text: timing: must be communicated before the acceptance, communication: only person to whom offer is made may accept the offer, acceptance, acceptance by the offeree can only happen after the offer was made by the offeror, methods of acceptance, verbal, written, by mail: when mail was placed by mailbox, by fax/courier/e mail: acceptance at time received (not actually read, actions (nod, handshake, etc) iii.

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