ACC 241 BYU Cummings (exam 2) well
answered to pass
Void contract
No effect and is not recognized under the law
you are not forced to enforce it
4 Elements of an implied-in-fact contract
1) someone gives goods/services to someone else
2) there is an expectation that the person will be paid
3) persons receiving the goods knew or reasonably should've known that the other person
expected to be paid
4) Person receiving the goods had a chance to reject the goods/services but didn't
Serious objective intent (offers)
Offers made out of anger, joking, or excitement wouldn't count as serious intent
Effective when received (offers)
- heard by anyone, received an email or letter
-cant be revoked anytime up until until its accepted
- Unilateral offer can be revoked up until substantial work has been done
, Advertisement (special offers)
Invitation to come and make an offer
act of the parties (termination)
-the offeror can revoke the offer any point up until it is accepted
option contract
A promise to leave an offer open for a time. to be valid must have separate consideration
operation of law
-by destruction
-supervening illegality: - the subject matter on the contract becomes illegal
Mirror rule (acceptances)
Must accept the mirror image of whatever the offer is, must be exactly how it was give no
adding things to it
Effective when sent/mailbox rule (acceptances)
-Excepted whenever is sent
answered to pass
Void contract
No effect and is not recognized under the law
you are not forced to enforce it
4 Elements of an implied-in-fact contract
1) someone gives goods/services to someone else
2) there is an expectation that the person will be paid
3) persons receiving the goods knew or reasonably should've known that the other person
expected to be paid
4) Person receiving the goods had a chance to reject the goods/services but didn't
Serious objective intent (offers)
Offers made out of anger, joking, or excitement wouldn't count as serious intent
Effective when received (offers)
- heard by anyone, received an email or letter
-cant be revoked anytime up until until its accepted
- Unilateral offer can be revoked up until substantial work has been done
, Advertisement (special offers)
Invitation to come and make an offer
act of the parties (termination)
-the offeror can revoke the offer any point up until it is accepted
option contract
A promise to leave an offer open for a time. to be valid must have separate consideration
operation of law
-by destruction
-supervening illegality: - the subject matter on the contract becomes illegal
Mirror rule (acceptances)
Must accept the mirror image of whatever the offer is, must be exactly how it was give no
adding things to it
Effective when sent/mailbox rule (acceptances)
-Excepted whenever is sent
