BUSA 2106 Lecture 2: Contract

• School: GSU
• Department: Business Administration--Busa
• Course: BUSA 2106
• Professor: Ryan Christopher Grelecki

Document Summary

To enforce a contract (or prove one exists if it"s been breached), you must show: Chapter 2: contact: mutual assent, consideration (or a substitute therefore) A meeting of the minds or agreeing to the same deal at the same time: you both understand and agree with the offers. Requires offer (one party makes a proposal) & acceptance (another party agrees to it: offer -> seller, acceptance -> buyer. Words and/or conduct of the parties must show a present intent by each to enter into contract. To be valid, offer must be: an expression of a promise or commitment to enter into contract, definite and certain in its terms, communicated to the offeree (and not revoked; can be electronic) Valid acceptance requires: offeree has power to accept. Consideration: courts will only enforce contracts supported by consideration, which requires a (1) bargained-for exchange for something that has (2) legal value, bargained-for exchange.