This is chapter 10 of the course LA 201. This chapter covers Contract Law. These notes are very thorough, organized, and color-coded. They include notes taken from the book (black) and notes from in class (red). I made an A in this class and made 100's or above on all tests, including the final.
Contract Law
Contract- an agreement between two or more persons that is enforceable by law; that is supported by consideration
● Partnership agreements, real estate sales agreements, leases, and licensing agreements
● Contracts for the sale of goods are governed by the Uniform Commercial Code
● "K" is often used as legal shorthand for "contract"
Elements of a Contract:
Mutual Consent- both parties must agree to the same terms
● Offeror makes an offer which offeree must accept in a timely manner
● The Offer- 1. the offeror must intend to enter into a contract
2. the offer must be communicated to the offeree
3. the essential terms must be certain and definite
● Intent- sometimes people discuss the possibility of a deal without intending to make an offer
-intent may also be questionable if offer is made in jest- "I'd give my left arm…"
● Communication- must be communicated directly to the offeree
-third party cannot accept an offer made to another person
● Inquiries are different from offers.
● Essential terms are - subject matter
- quantity
- price
- time
● Revocation:
-may be revoked at any time if open indefinitely
-may have a deadline
-no consent if offeree makes a counter that is not acceptable
● Option- a promise to keep an offer open for a period of time
● Advertisements- may not be an enforceable offer (generally not specific about quantity)
● Auctions- common law rules of traditional auctions apply to online bidding sites
- the auctioneer is viewed as someone inviting an offer. The bid is the offer, and the auctioneer is free to reject that offe
or wait for a better one
● The Acceptance- 1. must comply with method designated by the offeror
2. must do so in a timely manner
3. must not vary the terms of the offer
● Bilateral Contract- both parties have made promises to perform; two promises
-Ex: I promise to sell you my car if you promise to pay me $5000
● Unilateral Contract- the offer is accepted by performance rather than a promise; one promise
-Performance is acceptance
-Ex: I promise to pay you $100 if you clean my house
● There is a time limit to acceptance; if no time limit is stated, a reasonable amount of time is presumed
● Mirror-Image Rule- rule of contract law providing that the acceptance of an offer cannot vary or add to the terms of the offer
-Grumbling Acceptance- someone isn't very happy about the terms, but they do it anyway
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller emmagheathcott. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.49. You're not tied to anything after your purchase.
