New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

chapter 11 contract

by: Tianyi Zhang

chapter 11 contract Bus 391

Tianyi Zhang
GPA 3.25
Business Law
Jon Saffold

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

all notes for contracts, definition, elements, formations of contract.
Business Law
Jon Saffold
Class Notes
25 ?




Popular in Business Law

Popular in Business Administration

This 12 page Class Notes was uploaded by Tianyi Zhang on Thursday October 22, 2015. The Class Notes belongs to Bus 391 at University of Wisconsin - Milwaukee taught by Jon Saffold in Summer 2015. Since its upload, it has received 67 views. For similar materials see Business Law in Business Administration at University of Wisconsin - Milwaukee.

Similar to Bus 391 at UWM

Popular in Business Administration


Reviews for chapter 11 contract


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/22/15
CONTRACT VS PROMISEP 262 Promise A person s declaration that he will perform or refrain from performing some present or future act will or will not happen the future I Promisor the person making the promise I Promisee the person to whom the promise is made Contract an agreement between two or more parties for valuable consideration Every contract contain promise I Offeror the party making the offer I Offeree person to whom receive the offer The Objective Theory of Contracts circumstances to determine intent of parties Objective facts includes what a party said when entering into the contract How the party acted or appeared 0 Underlying Motives a party may have many reasons to entering an agreement gain real property goods or service Any of these purpose may provide a motivation for performing the contract Elements of a contract 1offerone party must offer to enter into a legal agreement 2 acceptance another party must accept the terms of the offer 3consideration any promise made by the parties to the contract must be supported by legally sufficient and bargained for consideration something of value received or promise such as money to convince a person to make a deal Things that are presumedDefenses to the Enforcement of a Contract 4 contractual capacity person understand the nature and consequence of the agreement 51egality the purpose of contract is legal not against public policy 6genuineness of assent A party who demonstrates that he or she did not genuinely assent to the terms of a contract may avoid the contract CONTRACT TYPES l Bilateral Contract a promise exchange for a promise two promises EX I promise to pay you 250 to trim my trees you promise to trim the tree The moment the promise exchange valid binding deal If promises are broken there maybe responsibility if losses are incurred All the time issue l Unilateral Contract a promise exchange for a act Only one promise Ex I promise to pay 250 to trim my tree you go out and do it Once the act has been made the other party s duty arises to fulfill his promise I Once the offeree of a unilateral contract begins to perform the offeror loses the ability to revoke her offer eg if Y offered to pay X an agreed price in exchange for X delivering a car to Y once X delivered the car Y could not revoke her offer to pay X I Formal Contract A contract that requires a special form or method of formation creation in order to be enforceable l Informal Contract A contract that does not require a specified form or method of formation in order to be valid EXPRESS AND IMPLIED CONTRACTS l Express Contract an agreement that is stated in words either orally or in writing I ImpliedinFact Contract a contract in which the agreement of the parties is inferred from their conduct Ex at a check out counter at a grocery store actions of the parties create offeracceptance 1 Service or property provide by one party to another 2 Expectation if they provide the service they have reasonable expectation would be pay for 3 Opportunity person receiving the service or property the person have opportunity to reject it Execution QUASI CONTRACT l Quasi Contract fictional contract is created by the court to prevent the unjust and enrichment of one party at expense of one another only happens when there is no actual contract cover the problem 1 unjust enrichment one party is benefit of one another Somebody pay you 2 Quantum Meruit value of service that was given I Courts typically will not allow a party to recover in quasi contract if the party conferring the benefit did so 1 officiously eg if a car dealership applies without your asking or agreeing to have it do so an expensive finish to a car you agreed to buy but before you take delivery you should not have to pay for the unsought benefit or 2 as a result of misconduct eg a relative s murderer cannot use quasi contract to recover a portion of your inheritance or negligence eg a driver who falls asleep at the wheel and loses control of his car which ends up sideways on the sidewalk in front of you cannot recover in quasi contract for preventing you from falling into an open manhole in the sidewalk OTHER CONTRACT TERMINOLOGY Executed a contract that have been fully performed on both sides Executory something left a contract that have not been fully performed on both sides VOID contact has no legal affect VOIDABLE On party is able to void the agreement CONTRACT INTERPRETATION The key to contract interpretation is to give effect to the intent of the parties as expressed in their agreement In keeping with the objective theory of contract intent is generally ascertained by considering 1 the words used by the parties in the agreement 2 the actions of the parties pursuant to the agreement and 3 the circumstances surrounding the agreement as they would be interpreted by a reasonable person rather than by considering the parties subjective intentions usually expressed after the fact The Plain Meaning Rule When a contract is clear and unequivocal a court will enforce it according to its plain terms set forth on the face of the instrument and there is no need for the court either to consider extrinsic eVidence or to interpret the language of the contract Rules of Interpretation When a contract contains ambiguous or unclear terms a court will resort to one or more of the following rules in order to determine and give effect to the parties intent RULES OF INTERPRETATION Insofar as possible the contract s terms will be given a reasonable lawful and effective meaning The contract will be interpreted as a whole and its various provisions will be harmonized to yield a consistent expression of intent Negotiated terms will be given greater consideration than standardform or boilerplate terms A nontechnical term will be given its ordinary commonlyaccepted meaning and a technical term will be given its technical meaning unless the parties clearly intended something else Speci c terms will prevail over general terms Handwritten terms prevail over typewritten terms which in turn prevail over printed terms Any ambiguity is construed against the drafting party A contract should be interpreted in light of pertinent usages of trade in the locale or industry the course of prior dealing between the parties and the parties course of performance of the contract


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.