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BLAW3080 Chapters on Contract Law and Consideration

by: Madison Morman

BLAW3080 Chapters on Contract Law and Consideration BLAW 3080

Marketplace > University of Cincinnati > Business Law > BLAW 3080 > BLAW3080 Chapters on Contract Law and Consideration
Madison Morman
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About this Document

Material that will be on test 2.
Legal Environment of Business
Peter Burrell
Class Notes
Law, business, business law, Contract, Contract Law, Consideration




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This 3 page Class Notes was uploaded by Madison Morman on Sunday February 28, 2016. The Class Notes belongs to BLAW 3080 at University of Cincinnati taught by Peter Burrell in Summer 2015. Since its upload, it has received 208 views. For similar materials see Legal Environment of Business in Business Law at University of Cincinnati.


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Date Created: 02/28/16
Module  2  Notes   Contract:    A  promise  to  perform  that’s  based  on  voluntary  agreement  of  the  parties   and  is  enforceable   • Purpose:    Increase  predictability,  strengthen  relationships,  and  allocate  risk   (limit  damages,  insurance)   • When  promise  is  broken,  the  law  provides  a  remedy   Without  them:   • Sellers  of  products/services/real  estate  have  no  assurance  they  get  paid   • Banks/investors  that  lend  or  invest  money  have  no  assurance  that  they  will   get  paid  back  or  get  ROI   • Landlord  has  no  assurance  that  they  will  get  paid  for  giving  tenant  right  to   possess  property     Express  Contract:    A  contract  formed  by  language,  oral,  or  written     Implied-­‐in-­‐Fact  Contract:    A  contract  formed  by  conduct  (pointing  out  haircut)     Quasi-­‐Contract:    Not  a  contract.    A  remedy  that  allows  the  plaintiff  to  recover  a   benefit  unjustly  conferred  upon  the  defendant;  a  remedy  to  prevent  unjust   enrichments     Unilateral  Contract:    One  promise,  given  exchange  for  performance     Bilateral  Contract:  Two  promises—promise  is  exchanged  for  a  promise.  Here,  a   contract  is  formed  as  soon  as  promises  are  exchanged.     Executory  Contract:  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  Contract:    If  all  of  the  duties  under  the  contract  have  been  performed     Uniform  Commercial  Code  (UCC)  Sales  Article  (Art.  2):    The  UCC  is  a  statutory   law  that  has  been  widely  adopted  throughout  the  U.S.  Its  Sales  Article  (Article  2)   governs  contracts  for  the  sale  of  goods     • UCC  governs  contracts  for  “sale”  of  “goods”  also  leases  but  we  focus  on  sale   • Article  2  preempts  common  law  in  sale  of  goods  and  modifies  common  law  of   contracts  in  some  areas.   • Goods:    Must  be  tangible  and  movable  (cars,  cows,  computers)   • Not  governed  by  Sales  Article:  Common  Law  applies   o Real  estate,  service,  fixtures  (attached  to  land),  stock,  int.  property           Creation  of  Contract:  Three  requirements  of  an  enforceable  contract  of     Common  Law   1. An  agreement  made  of  an  offer  and  acceptance   2. An  exchange  of  consideration  (something  of  legal  value)   3. A  lack  of  defenses     Agreement  (mutual  assent):    Offer  and  Acceptance   • Mutual  assent  is  often  said  to  be  agreeing  to  the  “same  bargain  at  the  same   time”  (a  meeting  of  the  minds)   • One  party  makes  a  proposal  or  an  offer  (offerer)  the  other  is  oferee     Offer:    Statement  by  an  offerer  or  that  creates  the  power  of  acceptance  in  the   receiver  (offeree)   • OE  has  option  to  create  power  to  form  a  contract  by  accepting       Three  requirements  for  valid  offer   1. Intent  to  contract   2. Definiteness  and  certainty   a. Identification  of  subject  matter  of  contract   b. Quantity  (one  farm  please)   c. Price   d. Payment  terms   e. Time  for  performance/  delivery  terms   3. Has  to  be  communicated     Termination  of  Offer:         Revocation:    General  Rule  that  the  OR  can  revoke  an  offer  any  time  before   acceptance  by  communicating  the  revocation  to  the  OE   -­‐Even  if  the  OR  says  it  will  be  open;  not  if  it’s  in  writing     rejection/counteroffer:    OE  rejects  expressly;  counteroffer  is  both  a  rejection  AND   new  offer     lapse  of  time:    Offer  terminates  by  law  when  the  period  of  time  specified  by  the  OR   in  the  offer  has  passed.   -­‐If  no  period  of  time  for  acceptance  is  specified,  offer  terminates  at  the  end  of  a   reasonable  period  of  time.     Merchant’s  Firm  Offer:    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     Preliminary  negotiations-­‐  Inquiry  (Would  you  take  less)   • Advertisements-­‐  Invitation  to  negotiate   o EXCEPTION:    Ad  limits  scope  of  people  who  can  accept   Acceptance:    OE  needs  to  express  intent  to  accept   -­‐Must  accept  in  manner  dictated  by  OR   -­‐Only  original  OE  may  accept   -­‐Method  of  Acceptance:    In  any  manner  under  circumstances,  unless  OR  specifies   method  of  communication.   -­‐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   -­‐Once  agreement  reached,  then  comes  consideration   Consideration-­‐  OR  has  to  receive  something  (legal  detriment)  that  has  to  be   bargained  for   -­‐Not  consideration  if  nothing  is  given  in  return;  OE  must  give  up  something;  not   valid  if  the  promise  is  an  existing  duty.  (Delivery  person/  employee  non-­‐compete)     Legal  Detriment  (bargained  for)   • Act   • Forbearance  (not  doing  something)   • Promise  to  Act   • Promise  to  Forebear    


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