Study Guides (400,000)
CA (150,000)
U of G (8,000)
MCS (200)
Final

MCS 3040 Final: MCS 3040 review


Department
Marketing and Consumer Studies
Course Code
MCS 3040
Professor
Joseph Radocchia
Study Guide
Final

This preview shows pages 1-3. to view the full 34 pages of the document.
!
1!
!"#$%&'($)&*+,"+-.&/01&2343&
!
!!Chapters:!56&76&86&96&:6&;76&;86&;96&;:6&<36&<;6&<<6&<26&<46&<9!
!!Will!be!a!mix!of!=>?+@!$%A+!questions!and!/?%B"C%+&0DE"F+&
!&Worth!43G!but!need!to!C$AA&+($)&BE&C$AA&F%$AA!
&
&
0D$CB+>&5.&H#B>EI?FB"E#&BE&0E#B>$FBA&
&
0E#B>$FBJ&deliberate!and!complete!agreement!between!two!or!more!competent!
persons,!not!necessarily!in!writing,!supported!by!mutual!consideration,!to!do!some!
act!involuntarily,!and!which!agreement!is!enforceable!in!a!court!of!law!
!
! Do!not!necessarily!have!to!be!in!writing!&
o Can!also!be!oral!,!which!are!also!enforceable&
&
! Governed!by!the!EKL+FB",+&AB$#I$>I&B+AB&&
o A!test!based!on!how!a!“reasonable!person”!would!view!the!situation&
&
! Based!on!the!assumption!that!those!who!enter!into!contract!have!equal&
M$>N$"#"#N&CE-+>J&Legal!assumption!that!parties!are!able!to!look!out!for!
their!own!interests&
&
! M$A"F&+%+)+#BA&EO&$&FE#B>$FB&
o Must!be!an!agreement!(composed!of!offer!and!acceptance)&
o Complete!negotiations!(certain)&
o Deliberate!(intention!to!create!legal!relations!is!present)&
o Supported!by!mutual!considerations!(voluntarily!made)&
&
! 'AA+#B"$%&EO&FE#B>$FB&%$-J&,E%?#B$>"#+AA&$#I&FE#A+#B&
P+Q&!$FBE>A&"#&0E#B>$FB?$%&*+%$B"E#AD"CAJ&
JCommunication!
JStart!of!the!contractual!relationship!
JObjective!standard!test,!ie!how!would!a!reasonable!person!view!the!conduct!of!
the!parties!
JCourts!normally!not!entitled!to!assess!the!fairness!or!reasonableness!of!the!
contractual!terms!the!business!parties!have!chosen!
JOccasionally!courts!will!come!to!the!assistance!of!the!weaker!party!and!set!
contract!aside!
!
R+>OE>)"#N@'#OE>F"#N&BD+&0E#B>$FB&
!!businesses!often!breach!contracts!

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

!
2!
!!should!you!always!sue?!FE#B>$FB&%$-!is!only!one!relevant!factor!in!a!
commercial!transaction!
!!C$>B"+A&)?AB&FE#A"I+>&BD+&OE%%E-"#N:!business!relationships,!economic!
realities,!reputation!management!
!
*0E#B>$FB&%$-&B+#IA&BE&OEF?A&E#%Q&E#&"#I","I?$%&B>$#A$FB"E#A&
!
'FE#E)"F&M>+$FD&
!!sometimes!it!is!more!financially!rewarding!to!breach!the!contract!in!question!
than!to!perform!it!
&
0D$CB+>&7.&!E>)"#N&0E#B>$FB?$%&*+%$B"E#AD"CA&
&
S+N$%&H#N>+I"+#BA&OE>&$&0E#B>$FB&
&
;T UOO+>&
a. Starting!point!of!contracts!
b. One!party!makes!promises!to!enter!contract!on!specified!terms!!
i. Offeror!–!person!who!makes!offer!
ii. Offeree!–!person!to!whom!an!offer!is!made!
*!E#%Q&$&FE)C%+B+&EOO+>&F$#&OE>)&BD+&K$A"A&EO&$&FE#B>$FB&&
&
U!!'*&VT&HWVH=X=HUW&=U&=*'X=&
! H#,"B$B"E#&BE&=>+$B:!advertisements!and!displays!of!goods!in!stores!
o An!expression!of!willingness!to!do!business,!not!only!an!offer!
!
!
!
U!!'*&='*/HWX=HUW&/'=YUZ1&
! *+,EF$B"E#!:!withdrawal!of!offer!
!!offeror!can!revoke!an!offer!at!any!time!before!acceptance!upon!notifying!
the!offeree!of!withdrawal,!and!upon!revocation!the!offer!ceases!to!exist!
! S$CA+!:!Expiration!of!an!offer!

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

!
3!
!!offer!may!expire!on!specified!date,!or!if!no!date!then!it!remains!open!for!a!
reasonable!time!
! *+L+FB"E#!:!refusal,!offer!is!automatically!terminated!if!rejected!by!offeree!
! 0E?#B+>EOO+>!:!turning!down!an!offer!and!proposing!a!new!one!in!its!place,!
form!of!rejection!that!automatically!terminates!the!original!offer!
! Z+$BD&E>&"#A$#"BQJ&offer!dies!when!offeror!or!offeree!dies,!if!someone!is!
same!at!the!time!of!the!offer!but!becomes!insane!before!acceptance!would!
not!be!bound&
1C+F"$%&*?%+A&OE>&*+,EF$B"E#&"#&=+#I+>"#N&1"B?$B"E#J&
!!call!for!tenders!is!an!offer!of!a!preliminary!contract!
!!tender!and!owner!obligated!to!follow!the!rules!of!governing!the!tender!selection!
process!
!!everyone!who!submits!a!tender!is!accepting!the!offer!of!a!contract!to!govern!the!
relationship!between!the!parties!
&
UR=HUW&X[*''/'W=1!–!in!exchange!for!payment!where!an!agreement!must!be!
kept!open!for!a!specified!period!of!time!!
!
!H*/&U!!'*!–!law!which!permits!offerors!to!revoke!their!offers!I+AC"B+!a!promise!
to!leave!the!offer!open!for!a!set!period!of!time!
!
<T XFF+CB$#F+&
a. Occurs!when!the!offeree!indicates!an!unqualified!willingness!to!enter!
into!a!contract!on!the!terms!in!the!offer!
b. Offer!comes!into!existence!at!the!moment!of!acceptance!
c. Acceptance!must!normally!be!communicated!to!the!other!party!to!be!
effective!
d. 0E))?#"F$B"E#&EO&XFF+CB$#F+J!if!method!is!specified,!then!it!is!
mandatory,!if!not!then!any!manner!that!is!reasonable!in!the!
circumtances!
!
2T 0E#A"I+>$B"E#&
a. A!price!must!be!paid!for!a!promise!(can!be!something!other!than!
money!as!long!as!something!of!value)!
b. Each!party!must!give!something!of!value!for!receiving!something!of!
value!from!the!other!
c. [*X=\H=HU\1&R*U/H1'&–!A!promise!for!which!no!consideration/no!
contract!
'%+FB>E#"F&0E#B>$FB"#NJ&
!!governed!by!the!same!rules!as!all!contracts!
!!separate!agreement!between!electronic!trading!partners!solves!problem!of!
different!offer!and!acceptance!times!
You're Reading a Preview

Unlock to view full version