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BUL4421 FINAL Gendler FAU CH 13-20, 32, 50 &51
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BUL4421 FINAL Gendler FAU CH 13-20, 32, 50 &51
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BUL4421 FINAL Gendler FAU CH13-20, 32, 50 &51
Agreement - -Consists of an offer by one party, called the offeror, to enter
into a contract and an acceptance of the terms of the offer by the other
party, called the offeree
- Contract - -A promise or a set of promises for the breach of which the law
gives a remedy, or the performance of which the law in some way recognizes
as a duty.
- Consideration - -The bargained-for exchange; what each party gets in
exchange for his or her promise under a contract.
- Contractual Capacity - -The legal ability to enter into a binding agreement
- Who has contractual capacity? - -Most adults over the age of majority
have the capacity. A person who has the mental ability to understand his or
her rights and obligations and will comply with contractual terms.
- Who does not have contractual capacity? - -Those under the age of
majority, those with mental illness, and sufficiently intoxicated persons
- Objective Theory of Contracts - -The existence of a contract is based on
the parties' outward manifestations of intent and its interpretation is based
on how a reasonable person would interpret it
- Bilateral Contract - -A promise exchanged for a promise
- Unilateral Contract - -A promise in exchange for an act
- Express Contract - -The terms of the contract are clearly set forth in
spoken or written words
- Implied Contract - -Arise not from words but from the conduct of the
parties
- Void Contract - -Not a contract at all. Either its object is illegal or it has
some defect so serious it is not a contract
- Voidable Contract - -One or both parties have option to withdraw from the
contract or enforce it
, - Option Contract - -The offeree gives the offerer consideration in exchange
for holding the offer open for a specified amount of time
- Revocation - -The offeror can revoke the offer at any time unless the
offeree entered into an option contract with the offeror. It is effective when
the offeree receives it.
- Rejection - -A way to terminate the offer, effectuated by the offeree.
- Counteroffer - -An offeree's response to an offer in which the offeree
rejects the original offer and at the same time makes a new offer.
- Destruction or subsequent illegality of the subject matter - -If the subject
matter of the offer is destroyed or becomes illegal, the offer immediately
terminates
- Lapse of Time - -If the offer states it will be held open for only a certain
time, it terminates when that time expires. In the absence of such a time
condition, the offer will expire after the lapse of a reasonable amount of
time.
- Authorized Means of Acceptance - -if the offer specifies that acceptance
must be communicated by a specific mode, that mode is the only means for
accepting the offer. If no mode of communication is specified, any
reasonable means of acceptance is valid.
- Unauthorized Means of Acceptance - -When an offer specifies that
acceptance must be communicated by a particular mode, no other form of
acceptance is valid. For a unilateral contract, only performance by the
offeree constitutes a valid acceptance.
- Types of Consideration - --benefit to promisee
-detriment to promisor
-promise to do something
-promise to refrain from doing something
(all need legality of performance)
- Adequacy of Consideration - -The court seldom considers this, it will not
weigh whether or not you have made a good bargain. If the court believes
fraud or undue influence occurred, it will then consider the adequacy of
consideration.
- Illusory Promise - -Not a promise or consideration.
Ex. Shawn offers to sell Molly his skis for $300, she replies "I'll look at them
in the morning and if I like them I will buy them."
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