BMGT380 Midterm 2 Questions and Answers Fully Solved 100%
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Module
BMGT380
Institution
BMGT380
Requirements for Promissory Estoppel - ️️There is a promise that the promisor
should foresee is likely to induce reliance
Actual reliance on the promise by the promisee
Injustice occurs as a result of the reliance
Offer Requirements - ️️Present intent
Specificity of terms
Communicatio...
Contract is formed as soon as the promises are exchanged
, Implied Contract - ✔️✔️Contract is not expressly stated, but given the circumstances it
exists
i.e. When you go to the doctor, there is an implied contract that they will treat you and
you will pay the bill
Express Contract - ✔️✔️Parties directly state the terms of their contract at the time the
contract is formed
Executory Contract - ✔️✔️Contract is not completed
At least one party has yet to perform their duties
Voidable Contract - ✔️✔️one or more of the parties have the legal right to cancel their
obligations under the contract
i.e. the contract was induced by fraud or deception
Present Intent - ✔️✔️The intent to enter the contract upon acceptance. It signifies that
the offeror is not joking, haggling, or equivocating
Specificity of Terms - ✔️✔️The terms of the contract are clearly laid out to both parties
Common law used to be very strict but has become more lenient
UCC is less strict, terms of an offer can be left open and it will still be enforced
Communication of Offer to Offeree - ✔️✔️An offeror objectively indicates an intent to
be bound by certain terms
Auctions - ✔️✔️Sellers at auctions are generally treated as making an invitation to
offer. Those who bid on offered goods are, therefore, treated as making offers that the
owner of the goods may accept or reject
Bids - ✔️✔️Advertisements for bids are generally treated as invitations to offer. Those
who submit bids are treated as offerors.
Offerors can withdraw bids (offer) at anytime and offerees can accept or reject any bid.
Termination of Offers - ✔️✔️Terms of the Offer
Lapse of Time
Revocation
Rejection
Death or Insanity of Either Party
Intervening Illegality
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