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Business Law Test | 40 Questions with Correct Solution
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Business Law Test | 40 Questions with Correct Solution
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Business Law Test | 40 Questions with CorrectSolutions
contract example.
Isle said to maria If Maria helps her with her midterm. She would buy her a piece
of jewelry and maria agrees. Maria helps isle study, but isle did not buy her the
necklace
Will maria sue? - ✔✔Physically Maria would not sue. However, this was an
agreement. This was a verbal contract. Maria could sue if she wanted to
The key to contract is to realize which promises we make is legally enforceable
legally enforceable
• if a party breaches do we have a right and a basis to go to court to enforce that
promise
a boyfriend said if I go to the bally then you have to come with me to the jay z
concert he goes to the ballet and she did not go to the Jay-Z concert.He can not
sue because this is not a promise that is not legally enforceable - ✔✔message
There are four legal requirements for a legally enforceable agreement
What is a Contract? - ✔✔Contract is a legally enforceable agreement between
2 or more competent parties (based on a promise) if someone breaches the
contract they can be provided with a remendy (that can be enforced in court).
,In contract law . We're not focus on the promise or promises we are looking at
the (Offeror or offeree)
Someone makes an offer a person proposes an agreement (isle , said if you study
with me (offerer ). I would buy you the necklace (the person who's the offer is
made to maria is the offerey)
What makes a promise enforceable? If there is a legally binding agreement, which
is a contract
4 elements that are necessary to make an agreement valid or legally binding
are - ✔✔• Agreement- means there is an offer and acceptance ( the offerer
must offer and the oferee must accept )
• Consideration-the something of value that is given or promise to convince the
other party to enter into the agreement (it does not have to be money
(isle can say if you study with me for chem. I'll study with you for math)
• Contractual capacity- all parties in the agreement have to be legally competent
to enter into the agreement
• Legality- the bases of the agreement needs to be legal in nature. It has to be for
a legal purpose)
,text book version
(1. Agreement. An agreement to form a contract
includes an offer and an acceptance. One party
must offer to enter into a legal agreement, and
another party must accept the terms of the offer.
2. Consideration. Any promises made by the parties
to the contract must be supported by legally suffi -
cient and bargained-for consideration (something
of value received or promised, such as money, to
convince a person to make a deal).
3. Contractual capacity. Both parties entering into
the contract must have the contractual capacity
to do so; the law must recognize them as possessing
characteristics that qualify them as competent
parties.
4. Legality. The contract's purpose must be to accomplish
some goal that is legal and not against public
policy.)
If there is a contract between the professor and Maria and both of them was b4 a
judge and maria thought the contract was something else than what it really was.
Is the judge going to agree with maria?
, Objective theory of contract - ✔✔No. it Is the reasonable person under the
circumstances the concept is known as the objective theory of contract
• Under this theory, a party's words and conduct are held to mean whatever a
reasonable
person in the offeree's position would think
this mean
• The party. Assent (agreement what they were thinking) is judged not by
subjective intent, but by objective intent of a similar situated person, a
reasonable person under the circumstances this is the objective theory of
contract that is applied by the court in determining what the intent of the parties
was/ what would a reasonable person who is situated in the same circumstances,
think
(CASE IN POINT Linear Technology Corporation
(LTC) makes and sells integrated circuits for use in
cell phones and computers. LTC sued its competitor,
Micrel, Inc., for patent infringement of a particular
chip. In its defense, Micrel claimed that LTC's patent
was invalid because LTC had offered to sell the chip
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