BUL 4320 Study Guide - Final Guide: Group Insurance, Rescission, Parol Evidence Rule
Document Summary
Contract- a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty. Agreement- consists of an offer by one party, called the offeror, to enter into a contract and an acceptance of the terms of the offer by the other party, called the offeree. Consideration- the bargained-for exchange or what each party gets in exchange for his or her promise under the contract. Contractual capacity- the legal ability to enter into a binding agreement. Most adults over the age of majority have capacity; those under the age of majority, people suffering from mental illness, and sufficiently intoxicated persons do not. Objective theory of contracts- we base the existence of a contract on the parties" outward manifestations of intent and we base its interpretation on how a reasonable person would interpret it.
