BMGT 380 Lecture Notes - Lecture 26: The Home Depot, Contract

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 380
• Professor: Gideon Mark

Document Summary

Final exam- 7 questions from guest lecturer on antitrust (questions only derived from his slides & lecture) Classifying contracts: four ways to classify contracts (1) contract either bilateral or unilateral. In bilateral contract, both people have contract (promise to each other). Ex. professor teaches for university in exchange for university paying him. In a unilateral contract, one person has promise. Ex. frequent flyer programs where whenever you fly with an airline you accumulate points and redeem for purchase. Sof says certain contracts need to be in writing in order to be enforceable, and if the contract is one of those kinds of contracts and is not in writing, it is unenforceable. Contract for sale of land and buildings is a contract that requires it be in writing or unenforceable (ii) another reason it might be unenforceable is if the statute of limitations has expired. Only the injured party can get out of this contract.