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UC - BLAW 3080 - Study Guide

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UC - BLAW 3080 - Study Guide

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background image   TEST  2  STUDY  GUIDE     Bilateral :  Two  promises—promise  is  exchanged  for  a  promise.  Here,  a  contract  is  formed   as  soon  as  promises  are  exchanged.  
 
Unilateral:
  One  promise,  given  exchange  for  act/performance  (flagpole)     Void:   Person  is  mentally  incompetent  by  a  court  of  law  and  a  guardian  has  been  appointed    
Voidable:
  Person   doesn’t   know   they   are   entering   contract/lacks   mental   capacity   to   comprehend  its  nature,  purpose,  and  consequences  (minor  underage)    
Valid:  
Person  is  able  to  understand  nature  and  effect  of  contract  but  may  lack  capacity  to  
engage  in  other  activities
 (supported by consideration)    
Executory:
  If   duties   remain   to   be   performed   under   contract.   A   contract   may   be   wholly   executory   (neither   party   has   performed)   or   partially   executory   (one   party   has   not  
performed).    
 
Executed
:  If  all  of  the  duties  under  the  contract  have  been  performed  
  1.  Jimmy’s  Marketing  Company  and  Tunes,  Inc.,  sign  a  document  where  Jimmy’s  agrees   to  create  a  marketing  campaign  for  Tunes  and  Tunes  agrees  to  pay  Jimmy’s  for  the   service.  Jimmy’s  and  Tunes  have     a.   an  executed,  voidable  contract.     b.   an  express,  executory,  bilateral  contract.     c.   an  implied,  executory,  unilateral  contract.     d.   no  contract.    
Common  Law  offer  Requirements:    Statement  by  an  offeror  that  allows  OE  to  accept.  
1.  Intent to contract  2.  Defintieness and certainty:  Identify subject matter, quantity, price, payment, delivery  3.  Has to be communicated: No question ofer was communicated  Inquiry- Would you take x amount of money (not an offer) 
Advertisement- invitation to offer (not an offer) 
Intent  –  objective  theory:      Offeror  must  intend  to  make  offer;  no  subjective  intent  
background image o  Objective  Theory:    Dictates  one  should  look  for  objective  signs  of  intent  to  make  an   offer  rather  than  scrutinize  the  fairness  of  the  transaction.     General  rule  regarding  offer  –  Offer  can  be  revoked  anytime  before  acceptance  by  offeree   making  the  offer  irrevocable   THREE  EXCEPTIONS   1.  Option  contract-­‐  paid  offeror  in  order  to  buy  time  to  keep  offer  open  
2.  Calls  for  a  performance  
3.  Merchants   firm   offer-­‐
  have   merchant   who   makes   offer   in   writing   and   signs   that  
they  will  keep  the  offer  open     Irrevocable  offers  –  under  common  law  and  UCC  
Offer  made  by  merchant  in  a  signed  writing  is  irrevocable  for  reasonable  period  of  time.  No  
consideration  necessary.  
-­‐Offer  must  be  in  writing  and  signed  by  the  OR  
-­‐When  accepted,  non-­‐revokable  
 
Rejections/counteroffers  –  effect  in  negotiations  
OE  rejects  expressly;  counteroffer  is  both  a  rejection  AND  new  offer    
Acceptance  –  mirror  image  –  mailbox  rule  
o  Must  be  unequivocal/Mirror  Image:    Common  law  contracts  follow  Mirror  Image   Rule-­‐  attempted  acceptance  that  changes  terms  or  adds  new  terms  is  not  valid-­‐  is  a  
counteroffer  
o  Mailbox  Rule:  Acceptances  are  effective  when  they  are  mailed   Exception :  When  OR  has  to  receive  physical  acceptance  to  be  accepted    
Consideration
:  A  legal  detrimant  that  must  be  bargained  for  
  Rules  of  the  consideration   •  Doesn’t  need  to  have  monetary  value  
•  Courts  don’t  inquire  into  adequacy  of  consideration  (enforce  contracts)  
•  Preexisting  duty  NOT  sufficient  consideration  (non-­‐compete/delivery  person)  
 
Legal  Detriment  
•  Act  
•  Forbearance  
•  Promise  to  Act  
•  Promise  to  Forebear  

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School: University of Cincinnati
Department: Business Law
Course: Legal Environment of Business
Professor: Peter Burrell
Term: Summer 2015
Tags: Consideration, Contract, rule, damages, defense, compensatory, consequential, punitive, Theory, Law, and business
Name: Exam 2 Business Law
Description: This is a study guide with the material for the second exam. Most of the content covers contracts and the components of a contract such as damages, defenses, and consideration.
Uploaded: 03/10/2016
4 Pages 62 Views 49 Unlocks
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