BUL 3130 Study Guide - Final Guide: Insurable Interest, Bankruptcy, Implied Warranty
Document Summary
Usually takes the form of money, services, etc. What each party gets or gives up: contractual capacity- the legal ability to enter into a binding agreement. Implied contract-arise not from words but from the conduct of the parties. Go to regular (cid:271)ar do(cid:374)"t say anything, bartender makes drink and you drink it. Depends if they want to enforce their voidable right of disaffirmance. Revocation is effective when the offeree receives it. Terminating the offer by the offeror: rejection- another way to terminate the offer, effectuated by the offeree. Regardless of how long the offer was stated to be open, once the offeree rejects it, it is terminated. Business law final review: counteroffer- an offer made by an offeree to his offeror relating to the same matter as the original and proposing a substituted bargain differing from that proposed in the original offer. For a unilateral contract, only performance by the offeree constitutes a valid acceptance.
