LEB 320F Unit 5 Exam Questions and Answers 100% Solved | Rated A+
2 views 0 purchase
Module
LEB
Institution
LEB
LEB 320F Unit 5 Exam Questions and
Answers 100% Solved | Rated A+
Contract - legally enforceable agreement
Consequences of breaking a contract - Courts will order you to pay
money damages or grant a decree of specific performance
Specific performance - court ordering you to actually perform th...
Consequences of breaking a contract - ✔✔Courts will order you to pay
money damages or grant a decree of specific performance
Specific performance - ✔✔court ordering you to actually perform the
actions states in your contract
Bilateral contract - ✔✔a promise for a promise, both parties saying you will
do something at a later time
- supplier and buyer agree on product amount and purchase price
Offer - ✔✔a contract proposal made by an offeror to an offeree
- ex, So, if the New York Yankees (offerors) send a contract to a third
baseman (offeree) in November offering him $8,000,000 for the coming
season, it is a bilateral offer - the team is seeking a promise to play in
exchange for its promise to pay the money.
Unilateral contract - ✔✔contract that can only be accepted in the case that
a specific act has already been performed
,- ex. if tv station offers to pay 5000 to the first person to bring a meteor, this
offer can only be accepted by the physcial production of the portion of the
meteor,
- just promising to look for it does not form a contract and does not obligate
the station to pay the money
jed promises to move his neighbor's furniture to a new apartment next
Saturday, and the neighbor agrees to pay $300 for Jed's work. What kind
of contract does Jed have with the neighbor? A. unilateral B. bilateral -
✔✔B. The two parties have exchanged promises, and so like most
contracts, this one is bilateral. The parties intend to be bound at the time
they exchange the promises.
Valid contract - ✔✔all required elements are met and is fully enforceable
and as a result is enforceable against both parties
Voidable contract - ✔✔One of the parties has the legal right to withdraw
from the contract with no negative consequences
Void - ✔✔Court deciding that a contract is not legitimately enforceable, or
never existed at all
- ex. if someone tricks a person to sell their rolex for 10 bucks
- agreements surrounding illegal thins like drugs are also void
, - void contract is never enforced
Unenforceable contract - ✔✔was valid at the time but not anymore, such as
statute of limitations has run out
Express contract - ✔✔A contract that has all terms explicitly stated
- write and sign
Implied contract - ✔✔When a court decides that enough implicit behavior
was showed by both parties to consider it a contract
- if joe walks into sams store when sam is busy and joe picks up a candy
bar and places money on the counter and leaves and sam just nods -
implied contract exists even though they never spoke a word
Executory contract - ✔✔a contract that is valid but the parties haven't
fulfilled their obligations yet
- contract to sell my car to you for 5000
Executed contract - ✔✔Both parties have completed their ends of the
contract
- you bring me the 5000, i give you the keys and title
Negotiated contract - ✔✔contract from the result of bargaining between two
parties
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 JOSHCLAY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.36. You're not tied to anything after your purchase.
