statute of limitations - ️️tells you how long you have to wait to sue, if you wait too
long you can't sue (unenforceable contracts)
article 2 - ️️source of law that deals with sale of goods, must be tangible movable
personal property, and does not apply to real property, intangibles, ser...
BMGT380- Exam 3
statute of limitations - ✔️✔️tells you how long you have to wait to sue, if you wait too
long you can't sue (unenforceable contracts)
article 2 - ✔️✔️source of law that deals with sale of goods, must be tangible movable
personal property, and does not apply to real property, intangibles, service contracts
consideration - ✔️✔️anything of value that one side gives to the other side in a
contract; must be going both ways
voluntary agreement, consideration, capacity to contract, objective and performance
have to be legal - ✔️✔️what are the four elements of contract?
unilateral contract - ✔️✔️only one party is making a promise
bilateral - ✔️✔️both parties make a promise
statute to fraud - ✔️✔️a law that requires particular contracts must be in writing
(unenforceable contracts)
voidable contract - ✔️✔️type of contract where at least one of the parties can cancel
the contract
void contract - ✔️✔️type of contract that creates no legal obligation and it is as if they
do not exist ex. contract to kill someone
executed contract - ✔️✔️contract that is fully performed, both parties perform what they
are supposed to do
executory contract - ✔️✔️contract where some obligations have not been performed
common law - ✔️✔️source of law that deals with services
hybrid contract - ✔️✔️contract that includes both goods and services
UCC - ✔️✔️____ recognizes unconscionability.
quasi-contract - ✔️✔️if Party A knowingly receives a benefit from Party B and refuses
to pay for the benefit and it would be unfair if you did not pay for the benefit, the law will
require you to pay for it
, promissory estoppel - ✔️✔️Person A makes a promise to Person B, Person B relies on
that promise and Person A refuses to keep their promise
subjective and objective - ✔️✔️How do we judge intent? (2 approaches)
subjective approach - ✔️✔️approach that looks at what the offeror ACTUALLY
intended, what he was really thinking (way to judge intent)
objective approach - ✔️✔️this approach does not care what he was thinking, focuses
on what a person would reasonably think in making an offer (way to judge intent)
specificity/definiteness - ✔️✔️the less definite the terms are, the less likely there is a
contract
direct - ✔️✔️The communication of the offeror to the offeree must be ____ unless an
agent is involved.
rewards - ✔️✔️offers for unilateral contracts; in order to accept the offer and receive
the reward, the offeree must perform the requested act
counter offer - ✔️✔️The reason the termination of offers important is because if the
offer has been terminated and you try to accept a terminated offer, your acceptance will
be treated as a ___ offer
master of the offer - ✔️✔️you can put anything in the offer that you want, INCLUDING
an expiration date
revocation - ✔️✔️An offer can be revoked at any time prior to acceptance even if the
offeror promised to keep the offer open for a specific period of time even if that time has
not expired
option - ✔️✔️a side contract (separate contract) whereby the offeree purchases the
right to have the underlying offer kept open (exception to revocation)
part(ial) performance - ✔️✔️once the performance starts, the power to revoke is
suspended for a reasonable time necessary for the offeree to complete performance
(exception to revocation)
promissory estoppel - ✔️✔️if the offeree relies on the offer being kept open, the
doctrine of _____ ______ may prevent the offerer from revoking the offer (exception to
revocation)
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