BSAD 234 Study Guide - Midterm Guide: Estoppel, Posting Rule, Intentional Tort

• School: Truman State University
• Department: Business Administration
• Course: BSAD 234
• Professor: Lingwall

Document Summary

Offer (objective manifestation of serious intent to be bound by an agreement) requires: Agreement to pay part of an unliquidated debt. Capacity (the legal ability to actually enter into a contract) common problems: Doesn"t matter if good is destroyed by minor. Might be able to get out of a contract if intoxicated. Contract is voidable if a court had already judged the person to be incompetent. Contract is voidable if party lacked ability to consent at time of contracting. If you don"t know how much something is worth, too bad! Is both a way to get out of a contract and a tort. Objective theory of contracts: contractual intent is judged by outward facts. Realism: cases are decided however a judge wants (rules are for show) To give consideration is to give up something of legal value. Promise to do something one has no prior duty to do. Promise not to do something one may legally do.