SPTE 203 Lecture 4: Chapter 9- Contracts
22 Dec 2018
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Document Summary
Contract- an agreement between 2+ parties that creates enforceable obligations recognizable by law. Formalize relationships involving exchanges of personal services or goods. Determining when necessary for formal written contract. Speedway conversion to concert venue: offer, acceptance, consideration, capacity, intent and specific, legality. Offer- promise to do/ refrain from doing something in the future. 4 material terms of an offer: parties (usc athletics dept. And promoter: subject (event, time and place (facility and event dates, consideration (price to be paid) Only the person who can accept it is the one it was made to. Once an offer is rejected, it no longer exists. Exchange of value- each party gives something of value to the other. Capacity- ability/ power to enter into an agreement, satisfaction of legal (18 years old) qualification. Intent and specificity- did both parties intend to create a contract. Legality- a contract must be legal to make it binding. Breach of contract- specified obligation is not met.
