LSB 3213- Midterm Exam Guide - Comprehensive Notes for the exam ( 24 pages long!)
12 Oct 2017
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Chapter 12 notes: irrevocable offers, option contract: when a person pays a value to keep a contract open (consideration, gyabaah v. rivlab transportation, acceptance, acceptance is the voluntary assent (agreement) to the terms of the offer. Consideration must be given by both parties: if a promise is not supported by mutual consideration, the promise is considered gratuitous. The potentially litigated issue must be in good faith: covenant not to sue, exceptions to consideration, promissory estoppel, when one party relies on the promise of another party to their detriment, blinn v. beatrice (neb 2006) May be disaffirmed by the mentally incompetent party: ortelere v. teachers" retirement bd. (ct. app. Ny 1969: legality, must be formed for a legal purpose. 2012) could not possibly find: if someone asks for specific info and you intentionally hold it back, you are accountable. Chapter 15 & 16 notes: writing requirement, statute of frauds- some contracts must be written.
