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Bus law chapter 11 answers
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Bus law chapter 11 answers
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STUVIA 2024/2025BUS LAW CHAPTER 11
the formation and keeping of promises - ✔✔Contract law deals with among other
things
a persons assurance that he or she will or will not do somthing - ✔✔Promise
A person who makes a promise. - ✔✔Promisor
A person to whom a promise is made. - ✔✔Promisee
•all contracts except when it has been modified or replaced by statutory law, such as
the Uniform Commercial Code (U C C), or by administrative agency regulations. -
✔✔The common law governs
•Services
•Real estate
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•Employment
•Insurance - ✔✔The common law governs contracts relating to
•The sale of goods
•The lease of goods - ✔✔The U C C governs contracts relating to
both buyers and sellers in the marketplace. - ✔✔Contract law is designed to provide
stability and predictability, as well as certainty, for
promise or to entitle the innocent party to some form of relief - ✔✔Contract law is
necessary to ensure compliance with a
An agreement that can be enforced in court; formed by two parties, each of whom
agrees to perform or to refrain from performing some act now or in the future. -
✔✔Contract
A person who makes an offer. - ✔✔Offeror
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A person to whom an offer is made. - ✔✔Offeree
intent - ✔✔In determining whether a contract has been formed, the element of ---- is
of prime importance
A theory under which the intent to form a contract will be judged by outward, objective
facts as interpreted by a reasonable person, rather than by the party's own secret,
subjective intentions - ✔✔Objective theory of contracts
•What a party said when entering into the contract
•How a party acted or appeared
The circumstances surrounding the transaction - ✔✔Objective facts might include
agreement, consideration, contractual capacity, legality - ✔✔•There are four
requirements that must be met before a valid contract exists.
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An agreement to form a contract includes an offer by one party to enter into the
agreement and an acceptance of the terms of the offer by another party -
✔✔1.Agreement
•Any promises made by the parties to the contract must be supported by legally
sufficient and bargained-for consideration (something of value received or promised,
such as money, to convince a person to make a deal). - ✔✔1.Consideration
Both parties entering into the contract must have the contractual capacity to do
so—that is, the law must recognize them as possessing characteristics that qualify
them as competent parties - ✔✔1.Contractual capacity
•The contract's purpose must be to accomplish some goal that is legal and not against
public policy. - ✔✔1.Legality
voluntary consent and form - ✔✔Defenses to the Enforceability of a Contract
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