BALW20150 Study Guide - Midterm Guide: Life Insurance, Unconscionability, Consequential Damages
25 Apr 2017
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Contract law is state common law (i. e. body of law developed from judicial precedent) It is easier to get into a contractual relationship today than it was in the past. Promisee- party to whom the offer is made. Bilateral contract - offeree can accept simply by promising to perform. No performance (e. g. payment of funds or delivery of goods) needs to take place for a bilateral contract to be formed. Contract comes in existence the moment the promises are exchanged. Unilateral contract - the offer is phrased so that the offeree can accept the offer only by completing the contract performance. Contract comes into existence when the contract is performed. Reese says to celia, if you drive my car from ny to la, i will give you. Contests and lotteries are examples of offers to form a unilateral contract. In contract law, offers are normally revocable until accepted.
