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Week 5 Law Notes

by: Jacqueline Gonzalez

Week 5 Law Notes LSB 3213

Jacqueline Gonzalez
OK State

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About this Document

These notes cover contracts.
Business Law/Legal Environment
Class Notes
business, Law, Contract Law
25 ?




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This 2 page Class Notes was uploaded by Jacqueline Gonzalez on Tuesday April 19, 2016. The Class Notes belongs to LSB 3213 at Oklahoma State University taught by Morgan in Spring 2015. Since its upload, it has received 11 views. For similar materials see Business Law/Legal Environment in Business at Oklahoma State University.


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Date Created: 04/19/16
04/19/2016 ▯ Contracts ▯ Mom (Meeting of the Minds) an understanding between “you and I”.Agreeing to something. ▯ ▯ Objective Reason of Contracts- ▯ ▯ Moral vs Legal- Trying to establish a legal obligation. ▯ ▯ ▯ Enforced- Some contracts are enforceable and some are not. Ex contract with your mother. Can legally sue. ▯ ▯ ▯ Contract- A set of promises to do or not do to something. ▯ ▯ Promisor- The person making the promise in a contract ▯ Promisee- Person receiving the promise. ▯ ▯ 4 ELEMENTS TO A CONTRACT ▯ Offer and Acceptance – in order for there to be a meeting of the minds, there has to be an offer and acceptance. ▯ Consideration- There has to be some value to considerate the offer. ▯ Capacity- The person making the agreement has to have mental capacity to enter contract. ▯ Legal- Has to be a legal contract. A contract that is against a law is consider can illegal contract. ▯ ▯ If any of these elements is missing, the court will throw it out. ▯ ▯ Gambling is an illegal contract. ▯ ▯ Contracts that you make have an impact on the economy. ▯ ▯ UNI-LATERAL CONTRACTS- Your performance is what makes it a contract. Ex. When you go to a restaurant and eat that when you did a contract ▯ ▯ BI-LATERAL CONTRACT- Both parties to the agreement has to participate. ▯ ▯ FORMAL CONTRACT- has to be in a specific form in order to form a contract. ▯ EX. When you write a check to Wal-Mart, the check is the contract to the bank to take the money out. ▯ ▯ INFORMAL CONTRACT- When you don’t write the contract down. Ex in a form of a conversation. ▯ ▯ ▯


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