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Final

MCS 3040 Study Guide - Final Guide: Liability Insurance, Property Insurance, Advance Payment


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 24 pages of the document.

CONTRACT

ELEMENTS OF A CONTRACT:





ADVANTAGES OF CONTRACTS:
!

"! 

EXAMPLES OF BUSINESS CONTRACTS:
#

#
$
CONTRACTUAL RELATIONSHIPS

#% 


&%
'()
CONTRACT
1. Offer
2. Acceptance
3. Consideration
4. Intention
1. OFFER&%*
 +!,
-.
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STANDARD FORM CONTRACT
/%!,
!
OFFEROR0%
OFFEREE0
OFFERS MAY BE TERMINATED BY:
Revocation 1"" 
-
Lapse $-*
Rejection 0
Counteroffer 0 
Death or insanity - &
FIRM OFFERS
0 !

$!

LAPSE OF AN OFFER
&-*
&
2. ACCEPTANCE- -
COMMUNICATION OF ACCEPTANCE*"

ELECTRONIC CONTRACTING
!

Uniform Electronic Commerce Act (UECA.! 
! 
 
2$3Offer-4-Acceptance4
-
3. CONSIDERATION- 
!!!!
 !/",
-
PROMISES ENFORCEABLE WITHOUT CONSIDERATION
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Promise Under Seal-&*-"!
%

Promissory Estoppel-  
 
%
PRE-EXISTING LEGAL DUTIES- 

4. INTENTION- !

IN CONLUSION: Forming Contractual Relationships
3""
"
"%
"!"
"5"""
"

$!-
-""

600
EXPRESS TERMS 07

IMPLIED TERMS
0-
!7
0!%%
PAROLE EVIDENCE RULE
!

" !

QUANTUM MERUIT
!!
HOW TO AVOID IMPLIED TERMS- 0
*-
"
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