Contract correct answers A written or spoken agreement between private parties creating mutual obligations enforceable by law
Elements of Contract correct answers offer
acceptance
consideration
6 Elements of a Contract correct answers -Need 2 or more parties
-Consideration
-An agreement t...
Bus 250 - Final Exam || A+ Verified Solutions.
Contract correct answers A written or spoken agreement between private parties creating mutual
obligations enforceable by law
Elements of Contract correct answers offer
acceptance
consideration
6 Elements of a Contract correct answers -Need 2 or more parties
-Consideration
-An agreement that is sufficiently definite
-Parties with legal capacity to make a contract
-Mutual assent
-No legal prohibition precluding contraction formation
Revocation of an Offer correct answers the withdrawal of a previous offer to engage in some sort
of legally binding contract.
Fact Pattern: I made an offer & no one accepts it correct answers Can revoke the contract
Fact Pattern: If an offer is made & accepted correct answers Can NOT revoke the contract
Methods of acceptance correct answers A contract is formed when an offeree accepts for a valid
offer
"I'll pay $40 for mowing grass"
You mow the grass. correct answers Offer by acceptance
Types of Consideration correct answers -money
-forbearance
-a return promise
Most common type of consideration correct answers money
Past Consideration correct answers Not a consideration
-where there is an unambiguous written obligation based on appreciation of past services, the
obligation may be enforced by the courts
Someone saves your life and you promise to give you everything they have. Later on, the person
tries to enforce it but it can't be enforced unless if WRITTEN. correct answers past consideration
example
Counteroffers correct answers when the original offer of a contract is not accepted and a new
offer is returned in the original offers place; void or nullifies the original offer; may be accepted,
rejected or modified by the party that made the original offer
, "No, I want it for cheaper"
"Wait, nevermind I will pay $700"
You can not go back and now accept the offer after suggesting a counter offer. correct answers
example of counteroffer
Oral contracts correct answers Enforceable under MS law unless the contract falls within MS
Statue's of Fraud.
Statue of frauds correct answers require contracting parties to reduce to writing specific terms
which is better for specific contracts.
-Main ones: agreements can't be performed within 15 months
Ex. 2 year agreement with 15+ work; must be signed correct answers Statue of frauds example
Ex.Will not start until after the 15+ period correct answers Statue of frauds example
Ex. Starts at month 10 but will not be finished within the 15 month period correct answers Statue
of frauds example
Ex. if for some how they have Unlimited resources and it should take longer but it is completed
before 15 months then it doesn not have to be written correct answers Statue of frauds example
Ex. Leases are longer than a year correct answers Statue of frauds example
interpreting Contracts correct answers Take contract, read, and do what it says from your plain
meaning and understanding
4 corners of the contract
If it is ambiguous, we can not figure out what it is telling us to do
Ambiguity correct answers Not clear enough to understand actions needed to take place
Rules of Ambiguity correct answers Step one: what does the contract say
Step two: exception 1
step three: exception 2
What does contract say? correct answers In interpreting contracts, the court's primary purpose is
to determine the intent of the contracting parties.
-The best evidence of the parties' intent is the language used in the contract
- Absent ambiguity, the contract will be enforced according to the word's plain meaning without
resort to parol or extrinsic evidence
Step 2: Exception 1 correct answers -The first case in which parol evidence is allowed is to
clarify terms in contract when a term's meaning is missing or ambiguous.
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 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 FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.68. You're not tied to anything after your purchase.
