GBL 295 Quiz: GBL exam 2
6 Nov 2016
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*don"t forget to look over mailbox rule and central hudson case! Contract ~ legally enforceable exchange of promises or an exchange of a promise for an act. ~ grounded in the case law of state and federal courts and state and federal statutory law. Governs laws that deal with property, services, employment. Uniform commercial code, article 2 governs sale of goods (personal property other than real) Sale is exchange of goods for money. Formation has an illegal object or serious defects. Ca(cid:374)"t (cid:271)e e(cid:374)fo(cid:396)(cid:272)ed (cid:271)e(cid:272)ause of a (cid:448)alid defe(cid:374)se. Court agreement to prevent unjust enrichment of one party when the pa(cid:396)ties ha(cid:448)e(cid:374)"t p(cid:396)e(cid:448)iousl(cid:455) ag(cid:396)eed to a (cid:272)o(cid:374)t(cid:396)a(cid:272)t. e(cid:454): la(cid:449)(cid:374) (cid:271)ei(cid:374)g (cid:373)o(cid:449)ed without asking for it must be paid for if it was stoppable. Elements of a legal contract: legal offer. If a reasonable person concludes that there was a serious offer (intent) Offer must be definite: reference to quantity, price, and subject matter. Offer must be communicated to the offeree.
