BLA 461 Lecture Notes - Lecture 1: Objective Test, Anticipatory Repudiation, Specific Performance
Document Summary
Introductory terms: 2 parties to a contract (cid:523)promisor promisee(cid:524, bilateral contracts (promise for promise) vs. Unilateral contract (promise for an act: express contract vs. Implied contract: quasi contract (court created contract to avoid unjust enrichment (windfall), executory contract (performance remains) vs. Executed contract (fully performed: valid contract (essentials to a binding contract are present) vs. Personal taste contract(cid:524: offer proposal. Ads in the paper are not offers (they are invitations to readers to make offers) because multiple acceptances possible which would lead to multiple breaches of contracts. The bidders are the offerors, accepted by the auctioneer. With reserve: item can be removed if price is too low. Without reserve: must go to the high bidder. Termination of offer rules: act by offeror: Revocation: offer can be revoked any time before acceptance. Make offer, give 5 days to consider the offer: Offeror can revoke offer as long as the revocation is done before acceptance.
