Class notes
BLS 342 Comprehensive Notes
- Course
- BLS 342
- Institution
- Miami University Of Ohio
Detailed lecture Notes for BLS 342
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6 Requirements of a K1. Offer
2. Agreement
3. Consideration: something of value being exchanged (money, service, goods)
4. Genuineness of assent: all parties involved agree
5. Legal Capacity
6. Lagality
Fraud: K is voidable
1. Misrepresentation
2. Of a material fact
3. Knowledge
4. Intent to deceive
5.
6. Injury
Ex: jewelry store: If you can prove 1-5, they can order the return of the product
If you prove all 6, the plaintiff is entitled to legal remedy: damages
Partially executed / executory k
Agreement
1. Offer
2. Acceptance
A makes offer to B
A: Offeror: present, serious contractual intent
B: Offeree
Things (situations) that are not offers
1. Future offer
2. Offer made in jest: not being serious
3. Preliminary negotiations
4. Invitations
5. Invitations to offer
6. Inquires
7. Answers to inquiries
, What can happen to an offer?
1. Accepted by offeror
2. Rejection by offeree
3. Revocation (cancelation) by offeror
4. Terminate
Revocation by offeror. Effect terminates the offer
General rule: offeror can revoke at any time prior to acceptance
Exceptions
1. Option K (contract): common-law or sales K
2. Firm offer: Sales only
Majority of contracts: are sales contract
Those that are not are common-law contracts
Sale: present transfer of title to goods
Title: ownership
Goods: tangible personal property
Common-law K
1. Sale of food or real estate
2. K for sale of intangibles
3. K for services
4. K for sale of business
EX.
A offer to sell house to B for $900,000: keep it open for 60 days
Sells it to another after 47 days
Even if A promises to keep it open for 60 days: it's not legally binding
If B offers to pay A to keep contract open and A agrees: then its legally binding
It is a common- law contract because its real estate (If yacht it would be sales)
Firm offer
1. Offer
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