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BLAW 3301

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by: aomztro

BLAW 3301 BLAW 3301

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Business Law. Book: The ethical, global, and e-commerce environmet Chapter 9: Introduction to contracts Chapter 10: The agreement: offer
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This 3 page Class Notes was uploaded by aomztro on Monday February 29, 2016. The Class Notes belongs to BLAW 3301 at University of Texas at El Paso taught by in Spring 2016. Since its upload, it has received 42 views. For similar materials see LEGAL ENVIRONMENT OF BUSINESS in Business at University of Texas at El Paso.


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Date Created: 02/29/16
CHAPTER 9 Introduction to Contracts Bilateral VS Unilateral Contracts Bilateral: Both parties’ exchanges mutual promises. Commonly used in business transactions. Reciprocal arrangement between two parties under which both parties promise to perform an act in exchange for the other party’s act. Each is an obligor on its own promise, and an oblige on the other party’s promise. Unilateral (one-sided): One party makes a promise, or undertakes a performance without first securing a reciprocal agreement from the other party. One party pays to other party to perform a certain duty. If the duty is fulfilled, the party on the other side of the contract is obligated to transfer the specified funds. Only this party is under obligation of the contract, whereas the acting party is not legally obliged to perform the duty Voidable Contracts One or more of the parties have the legal right to cancel their obligations under the contract. For instance, if a contract is induced by fraud is voidable at the election of the injured party. Void Contract Agreements that create no legal obligations and for which no remedy will be given. Valid Contracts One that meets all of the legal requirements for legally binding contract. Valid contracts are, enforceable in court Executory Contracts VS Executed Contracts Executory: Still going. When all such duties have been fully performed. Ex: Rental agreement Executed: Done. When all of the parties have fully performed their contractual duties. Express Contracts VS Implied contracts Express: Parties have directly stated the terms of their contract orally or in writing at the time the contract was formed. Implied (contract implied in fact): When the surrounding facts and circumstances indicate that an agreement has in fact been reached. Uniform Commercial Code (UCC) UCC was created by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. Was created to establish a uniform set of rules to govern commercial transactions, which are often conducted across state lines. Also, to promote uniformity, drafters sought to create a body of rules that would realistically and fairly solve the common problems occurring in everyday transactions. Drafters, tried to formulate rules that would promote fair dealing and higher standards in the market place. UCC contains nine artciles. The most important article is Article 2. Article 2: Expressly applies only to contracts for the sale of goods (tangible, movable, personal property) Contracts for the sale of such items as motor vehicles, books, appliances, and clothing are covered by Article 2. Element of contracts 1. Offer 2. Acceptance of the offer 3. Consideration 4. Capacity 5. Legality 6. Writing Equitable principles CHAPTER 10. THE AGREEMENT: OFFER Offer is the critically important first step in the contract formation process. Involves two parties: -Offeror: Person making the offer -Offeree (Intended): receiving the offer >Intent to Contract For a proposal to be considered an offer, the offeror must indicate present intent to be bound. 1. Objective theory of contracts 2. Terms of the offer must be definite. 3. The offer must be communicated to the offeree Ads: Advertisement for the sale of goods at specified prices are not considered offers. Rather, they are treated as being invitations to offer or negotiate. Same rules is general applied to sign, handbills, catalogs, price lists, and price quotations. Auctions: sellers at auctions are generally treated as making an invitation to offer. Those who bid on offered goods, are treated as making offers that the owner of the goods may accept or reject. Acceptance occurs only when auctioneer strikes to goods off to the highest bidder: the auctioneer may withdraw the goods at any time before acceptance. But, when an auction is advertised as being “without reserve”, the seller is treated as having made an offer to sell the goods to the highest bidder and the goods cannot be withdrawn after a call for bids has been made unless no bids are made within a reasonable time Bids: Bidding process is fertile source of contract disputes. Ads for bids are generally treated as invitations to offer. Those who submit bids are treated as offeros. According to general contract principles, bidders can withdraw their bids at any time prior to acceptance by the offeree inviting the bids and the offeree is free to accept or reject any bid. Bids for governmental contracts are generally covered by specific statutes rather than by general contract principles. Termination of offers 1. Revocation by offeror. -General rule: offers are revocable - Expection: option contract or firm offer under UCC 2. Lapse of time 3. Rejection of offer by offeree 4. Subject matter of contract becomes illegal or is destroyed 5. Death or incapacity by the party


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