BLAW Chapter 11
BLAW Chapter 11 BLAW
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This 1 page Class Notes was uploaded by Alex Lazo on Sunday February 14, 2016. The Class Notes belongs to BLAW at University of Texas at Dallas taught by Matthew Polze in Summer 2015. Since its upload, it has received 21 views. For similar materials see Business and Public Law in Business Law at University of Texas at Dallas.
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Date Created: 02/14/16
Chapter 11: Contracts o A contract is a legally enforceable agreement Orally made agreements usually binding 1. Offer- deal proposed 2. Acceptance- party receives and responds to offer 3. Consideration- bargaining that leads to exchange 4. Legality- lawful purpose 5. Capacity- of sound mind 6. Consent- Trickery and force may prevent formation 7. Writing- some contracts must be in writing Types of Contracts o Bilateral: promise for promise o Unilateral: promise for performance o Executory: obligations of contract not yet fulfilled o Executed: all parties fulfilled obligations o Valid: satisfies requirements of law o Unenforceable agreement: when parties intend to form valid bargain but rule of law prevents it o Voidable contract: law permits one party to terminate agreement o Void agreement: neither party can enforce usually because deal is illegal o Express: all important terms of contract stated o Implied: words and conduct indicate an intended agreement Cases Where a Contract Doesn’t Exist o Promissory Estoppel 1. Defendant made a promise 2. Plaintiff relied on that promise 3. Must enforce promise to avoid any injustice o Quasi-contract 1. Plaintiff gave benefit to defendant 2. Plaintiff reasonably expected to be paid and defendant knew this 3. Defendant unjustly enriched if he does not pay Sources of Contract Law o Common law o Uniform Commercial Code
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