Business law - Contract Law
Questions and Answers.
Contract - Answer between two or more parties that is enforceable by the court of law
Elements of a contract - Answer 1. Agreement = Proper author, Proper accepts
2. Consideration = For something of legal value ( I agreed to pay 10K to paint apartment, you
agreed to do it)
3. Capacity
4. Genuine assent (author of text book points it out as defense) = 5/ Voluntary coming together
5. Legal purpose - The objective of the contract must be for a legal purpose. For example, a
contract for illegal distribution of drugs is not
a binding contract because the purpose for which it exists is not leg
The characters of our play - Answer Offeror/promise giving the contract
Offeree/promise
Contract that need to be writting - Answer a. Any contract for sale of land
b. Any contract for more than one year
merchant you are governed by - Answer uniform commercial code and 5 elements of common
law
Bilateral - Answer for a promises
Example you rent my apartment, you pay $X)
Unilateral - Answer a promise for an act / an agreement to pay for nonperformance.
Example: Rewards, I will pay you $1,000 if you bring my car from Cleveland to San Francisco."
Bringing the car is acceptance.
Formal contract - Answer Use guide lines based on a industry or formalized contract on court.
Executed - Answer completed contract
executory - Answer Something not yet performed or done.
, Examples: an executory contract is one in which all or part of the required performance has not
been done; an executory bequest is a gift under a will which has not been distributed to the
beneficiary
Standard used by court to determine whether a contract is valid - Answer Reasonable person
stadnard
Valid contract - Answer enforceable binding contract hence a good contract
Voidable contract - Answer One or sometimes both parties have the ability to cancel the
contract for a certain period of time.
They can cancel the contract by rescinding it, avoidance, or disaffirm
Void contract - Answer never was a contract (non existence)
Unenforceable - Answer Agreement between two parties that is unenforceable in the court of
law
a.Usually when it violate a law - subsequent illugality
b. A contract that is required in writing but isn't
Quasi contract (not a contract) - Answer Quasi contract is not a contract: it is a way we right a
wrong. When we have contract law we just look at 5 elements and wording of the contract. If
there is no contract then there is no contract to enforce.
Righting a wrong or to prevent unjust enrichment - usually written by fair market value. If you
did services and there was no contract to enforce you will pay guy amount for labor he did.
Contract laws and damages - Answer No punitive damages unless a tort is also committed in
the breaching of the contract. Contract simply offer recovery at fair market value
Offer - Answer 1. Judged based on Reason persona standard
2. Present intent
3. Definitive language = No vagueness or opinions expressed
If there is vagueness the
Communication - Answer Can be controlled:
1. The offer must be communicated to you
2. Advertiser have some protection
3. Reward - limited to offered and aware
Questions and Answers.
Contract - Answer between two or more parties that is enforceable by the court of law
Elements of a contract - Answer 1. Agreement = Proper author, Proper accepts
2. Consideration = For something of legal value ( I agreed to pay 10K to paint apartment, you
agreed to do it)
3. Capacity
4. Genuine assent (author of text book points it out as defense) = 5/ Voluntary coming together
5. Legal purpose - The objective of the contract must be for a legal purpose. For example, a
contract for illegal distribution of drugs is not
a binding contract because the purpose for which it exists is not leg
The characters of our play - Answer Offeror/promise giving the contract
Offeree/promise
Contract that need to be writting - Answer a. Any contract for sale of land
b. Any contract for more than one year
merchant you are governed by - Answer uniform commercial code and 5 elements of common
law
Bilateral - Answer for a promises
Example you rent my apartment, you pay $X)
Unilateral - Answer a promise for an act / an agreement to pay for nonperformance.
Example: Rewards, I will pay you $1,000 if you bring my car from Cleveland to San Francisco."
Bringing the car is acceptance.
Formal contract - Answer Use guide lines based on a industry or formalized contract on court.
Executed - Answer completed contract
executory - Answer Something not yet performed or done.
, Examples: an executory contract is one in which all or part of the required performance has not
been done; an executory bequest is a gift under a will which has not been distributed to the
beneficiary
Standard used by court to determine whether a contract is valid - Answer Reasonable person
stadnard
Valid contract - Answer enforceable binding contract hence a good contract
Voidable contract - Answer One or sometimes both parties have the ability to cancel the
contract for a certain period of time.
They can cancel the contract by rescinding it, avoidance, or disaffirm
Void contract - Answer never was a contract (non existence)
Unenforceable - Answer Agreement between two parties that is unenforceable in the court of
law
a.Usually when it violate a law - subsequent illugality
b. A contract that is required in writing but isn't
Quasi contract (not a contract) - Answer Quasi contract is not a contract: it is a way we right a
wrong. When we have contract law we just look at 5 elements and wording of the contract. If
there is no contract then there is no contract to enforce.
Righting a wrong or to prevent unjust enrichment - usually written by fair market value. If you
did services and there was no contract to enforce you will pay guy amount for labor he did.
Contract laws and damages - Answer No punitive damages unless a tort is also committed in
the breaching of the contract. Contract simply offer recovery at fair market value
Offer - Answer 1. Judged based on Reason persona standard
2. Present intent
3. Definitive language = No vagueness or opinions expressed
If there is vagueness the
Communication - Answer Can be controlled:
1. The offer must be communicated to you
2. Advertiser have some protection
3. Reward - limited to offered and aware
