Study Guides (248,020)
United States (123,271)
Boston College (3,492)
BSLW 1021 (15)
Finucane (2)

Law study guide.docx

11 Pages
138 Views
Unlock Document

Department
Business Law
Course
BSLW 1021
Professor
Finucane
Semester
Spring

Description
Elementsofacontract1anagreement2betweencompetentparties3basedonthegenuineassentofthepartiesthatis4supportedbyconsideration5madeforalawfulobjectiveand6intheformrequiredbylawifanySubjectMaybeaboutpersonalmatterstransferringownershipPartiespromisorpersontowhompromiseismadewhocanalsobethesamepersonastheobligorifthepromiseisbindingthepromiseewhocanclaimthebenefitoftheobligationistheobligepartiesstandprivitytoeachotherHowacontractariseswhenonepersonmakesandofferandtheoffereeacceptTheremustbeofferandacceptanceforacontracttobeinplaceSomecontractsareformalwhichmeansundersealonrecordbeforeacourtornegotiableandothersareinformalbothholdthesameweightbasicallytodayExpresscontractiswhenthetermsoftheagreementofthepartyaremanifestedbywordsspokenorwrittenImpliedcontractcontractthatisnotshownbywordswrittenorspokenAnexampleiswhenyouarepurchasingsomethingandtheotherwhenapersonknowingsuchcircumstancesacceptsthebenefitofthoseservicesValidcontractbindingandenforceableVoidablecontractagreementthatisotherwisebindingandenforceablebutbecauseofthecircumstancesorthelackofcapacityofoneofthepartiesitmayberejectedifoneofthepartieschoosestodosoVoidagreementswithoutlegaleffectExecutedcontractshavebeencompletelyperformednothingremainstobedoneExecutorycontractsomethingremainstobedoneBilateralcontractofferthatextendsforapromiseinreturnfortheoffermadeUnilateralcontractofferorpromisestopayordosomethingonlywhentheoffereedoesandactOptionandFirstrefusalifonepartyhasabsoluterighttoenterintoasecondcontractatalaterdatetheinitialcontractiscalledoptioncontractQuasiContractSometimesacourtwillimposeanobligationevenifthereisnocontractPreventionofunjustenrichmentcourtisnotseekingtoenforcetheintentionsofthepartiesinaquasicontractratherincertainsituationsacourtmayimposecertainobligationsinordertoavoidunjustenrichmenttofillthecrackswherecommoncivillawandstatuesfailtoachievejusticeRequiredabenefitconferredfromthedefendantthedefendantsknowledgeofthebenefitandthefindingthatitwouldbeunjustforthedefendanttoretainbenefitwithoutpaymentTomakeoffertheofferermustexpresswillingnesstocreateabindingobligationReasonisusedtotestifitisvalidtosayifanofferisactuallymadeanalyzedthroughtheuseofanoutsideroutsidemustbesurethattherewasanoffermadeorelseitishairyInvitetonegotiatefirststatementisnotalwaysanofferManycasesmayinvolvepreliminarydiscussionoraninvitetonegotiateExsellersendingoutadsNocontractismadewhenpartiesagreethattheywillmakeadecisionbyacertaindateneitherpartyisobligateduntilthattimeOfferresultinginacontractmustbedefinitiveandcertainNocontractarisesifthereissomethingmissingortheofferisvagueTheacceptanceofavaguecontractisnotonethatcanbeenforcedWhenitisclaimedthatacontractistoovaguethecourtwilldoitsbesttofindtheintentofthepartiestoreachaconclusionImpliedtermsnotallofthetermsneedtobedefinitesomeareimpliedbylawBestEffortsClauseDivisiblecontractifacontractrequiresseveralpartsatthesametimetheagreementmayberegardedasseparateordivisiblepromisesforthearticleExceptionstoDefinitenessideastiedtogoodfaithperformancesothatsomethingscanbevagueandtheideaofmakingacontractismoredesireableOffermustbecommunicatedtotheoffereedirectlynotjustthroughknowledgeofitSometimesinunilateralcontractstheoffereeperformstheactwithouthknowingtheofferexiststhisdoesnotconstituteasacceptanceAnytimebeforetheofferisacceptedtheofferorcanrevoketheoffergenerallyWhatconstitutesrevocationNoparticularformofwordsarerequiredtocompleterevocationjustnoticethatofferisbeingrevokedCommunicationofRevocationRevocationiseffectivewhenitismadeknowntotheoffereeIftherevocationisintheformofaletteritiseffectivewhenitarrivesatthepersonshouseoragentnotwhenitisdispatchedOptioncontractbindingpromisetokeepanofferopenforastatedperiodoftimeoruntilaspecificdateThisrequiresthatthepromisorreceiveconsiderationsomethinglikethesumofasthepriceforthepromisetokeeptheofferopenFirmoffersofferthancannotberevokedbeforethetimeofexpirationFirmofferisanofferthatstatesthatitistobeirrevocableorirrevocableforastatedamountoftimeCounterofferrejectstheoriginalofferitisinnomeansanacceptance
More Less

Related notes for BSLW 1021

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit