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Cheat Sheet Midterm #3

by: Brittany Bourdage

Cheat Sheet Midterm #3 bus 207

Brittany Bourdage
Cal Poly

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About this Document

This is a cheat sheet for Midterm #3.
Legal Responsibilities of Business
Chris Carr
Study Guide
business, Law
50 ?




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This 1 page Study Guide was uploaded by Brittany Bourdage on Monday June 6, 2016. The Study Guide belongs to bus 207 at California Polytechnic State University San Luis Obispo taught by Chris Carr in Winter 2016. Since its upload, it has received 10 views.


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Date Created: 06/06/16
Bilateral Contract: involves a promise in return for a promise. Unilateral Contract: involves a promise in return for some type of an act or performance. Express Contract: parties expressly create a contract either by words (oral) or in writing. Implied Contract: parties create a contract by their conduct. Promissory Estoppel: situation where one person relies on a promise made by another, but because one or more of the required elements of a contract is missing, a contract has not been created. Rule: A promise which the promisor should reasonably expect to induce action or forbearance of the part of the promisee/a third person and which does induce such action or forbearance is binding if injustice can be avoided only by enforcement of the promise (key here is reliance). A court will either enforce the promise, or, allow the plaintiff to recover his/her reliance losses/damages. Quasi-Contract: is not a contractual obligation created by the parties, but is instead is an obligation imposed by law in order to avoid the unjust enrichment of one party at the other party’s expense. As a matter of law, the benefitted party is usually required to pay the reasonable value of the benefits or services he received. Also, in order for this doctrine to apply, the benefited party must have knowingly accepted and retained the benefit. Hybrid transactions: a contract that has both a good and a service component to it. “Predominant Factor Test” Termination of offer: Terms of the offer, revocation, rejection by the offeree, lapse of time, death of either party, destruction of the subject matter of the contract, intervening illegality. In order for a promise to be treated as a contract you need: offer, acceptance, valid consideration, and no defenses to the formation or enforcement of the contract can apply. Consideration: legal value, bargained for and given in exchange for an act or a promise. Legal value of consideration: adequacy of consideration (as long as the promisee’s act/performance or promise satisfies the legal value test, courts will generally not ask or inquire wheteher what the promisor gave or promised to give was worth it). Bargain for exchange: the essence of consideration is that it is given and accepted as the motive or inducement of the promise. Substitute for Consideration: The Doctrine of Promissory Estoppel: the promisor should reasonably expect the promisee to rely on his promise, the promisee does in fact rely on that promise, and injustice results to the promisee as a result of relying on that promise, then a court may step in and enforce the promiseAcceptance: a voluntary act by the offeree that shows agreement to the terms of an offer. It can take place by words and/or conduct. In analyzing this issue courts will look at whether there was an: Intention of accept – did the offeree indicate a present intent to accept?; and Intent and acceptance of the offeror’s terms. Common law “mirror image rule” ]: the offeree’s acceptance must exactly mirror the terms of the offer. If anything is changed when the offeree attemps to accept the offer, then there is no acceptance, and the offeree’s attempt to accept the offer was/is really a counteroffer. Mailbox Rule: states that the acceptance is effective


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