BMGT 380 Lecture 3: 3

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

Document Summary

Bilateral: all parties make promises to each other. Unilateral: only one party makes an exchange. Ballgame, stadium offers winning seat number prize. The fans haven"t promised to do anything, but the nationals promised. Valid: meets basic requirements (voluntary agreement, consideration, capacity, legality) and is enforceable. Unenforceable: meets all basic requirements but is unenforceable for some reason. Doesn"t meet statute of frauds: certain contracts need to be written to be enforceable. Contract for sale of land and buildings. Voidable: a party can get out of the contract if they are injured. Only voidable at the option of the injured party. Victim who was forced to enter is the injured party. Void: no contract at all, no legal obligations. Executed: everyone in the contract completed their performance. Executory: final performance not yet completed by 1 or more party. Good: something that is tangible, moveable, personal property. Common law: judge made to decide cases in front of them.