Exam (elaborations)
Business law - Contract Law (1
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Business law - Contract Law (1
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Business law - Contract LawContract - ANS-between two or more parties that is enforceable by the court of law
Elements of a contract - ANS-1. Agreement = Proper author, Proper accepts
2. Consideration = For something of legal value ( I agreed to pay 10K to paint appartment , you
agreed to do it)
3. Capacity
4. Genuine assent (author of text book points it out as defence) = 5/ Voluntary coming together
5. Legal purpose - The objective of the contract must be for a legal purpose. For example, a
contract for illegal distribution of drugs is not
a binding contract because the purpose for which it exists is not leg
The characters of our play - ANS-Offeror/promise giving the contract
Offeree/promise
Contract that need to be writting - ANS-a. Any contract for sale of land
b. Any contract for more than one year
merchant you are governed by - ANS-uniform commercial code and 5 elements of common law
Bilateral - ANS-for a promises
Example you rent my apartment, you pay $X)
Unilateral - ANS-a promise for an act / an agreement to pay for nonperformance.
Example: Rewards, I will pay you $1,000 if you bring my car from Cleveland to San Francisco."
Bringing the car is acceptance.
Formal contract - ANS-Use guide lines based on a industry or formalized contract on court.
Executed - ANS-completed contract
executory - ANS-Something not yet performed or done.
Examples: an executory contract is one in which all or part of the required performance has not
been done; an executory bequest is a gift under a will which has not been distributed to the
beneficiary
Standard used by court to determine whether a contract is valid - ANS-Reasonable person
stadnard
Valid contract - ANS-enforceable binding contract hence a good contract
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