STUVIA 2024/2025
Business Law 3220 EXAM 2 (10,11,12) Clemson
University Business Law - P. Entzminger
- ✔✔Chapter 10: Contracts
A legally enforceable agreement - ✔✔Contract
One party accepts by performance - ✔✔Unilateral Contract
both parties make a promise - ✔✔Bilateral Contract
1. offeror: proposes a deal
2. offeree: accepts deal in a specific way
3. exchange: must be an exchange between parties
4. legality: contract must be for a lawful purpose
5. capacity: both parties must be adults of sound mind
6. consent: no trickey/force (extortion) to form the contract
%
7. writing: land, service contracts longer than a year, etc. must be written; not all
contracts have to be in writing. - ✔✔7 Key Characteristics of a Contract
A court will award money or other relief to a party injured by a breach of contract. -
✔✔Remedies
1. Is it certain the defendant promised to do something?
2. If there was a promise, is it fair to make them honour their word?
3. If there was no promise, should we hold them liable anyway? - ✔✔3 Basic
Questions
Both sides are still fulfilling its obligations - ✔✔Executory Contract
all parties have fulfilled their obligations - ✔✔Executed Contract
Satisfies all of the law's requirements - ✔✔Valid Contract
stuvia
, STUVIA 2024/2025
The weaker party is able to void the contract - ✔✔Voidable Contract
Illegal and both sides know the exchange is illegal. Or a party had no authority to
contract to begin with. (i.e. minor, adult of unstable mind, etc.) - ✔✔void agreement
A contract where parties intend to bargain but law prevents it. - ✔✔Unenforceable
Contract
Agreement where al of the terms are explicitly stated - ✔✔Expressed Contract
Words and conduct indicate the agreement (i.e. restaurant, movie theatre, bar; service
industry) - ✔✔Implied Contract
Body of laws governing commercial transactions in the United States and provide
uniformity.
- only applies to goods valued over $500
- only applies to goods and not services - ✔✔Uniform Commercial Code (UCC)
%
A contract for both goods and services; court must determine the primary purpose of
the contract. - ✔✔Mixed Contract
the legal enforcement of an otherwise unenforceable contract due to a party's
detrimental reliance on the contract - ✔✔Promissory Estoppel
court-imposed obligation to prevent unjust enrichment in the absence of a contract -
✔✔Quasi Contract
"As much as he deserves" - the damages awarded in a quasi-contract case -
✔✔Quantum Merit
Two questions determine whether a statement is an offer.
1. Do the offeror's words and actions equal intention?
2. Are the terms reasonably indefinite? - ✔✔Making an Agreement =
stuvia
Business Law 3220 EXAM 2 (10,11,12) Clemson
University Business Law - P. Entzminger
- ✔✔Chapter 10: Contracts
A legally enforceable agreement - ✔✔Contract
One party accepts by performance - ✔✔Unilateral Contract
both parties make a promise - ✔✔Bilateral Contract
1. offeror: proposes a deal
2. offeree: accepts deal in a specific way
3. exchange: must be an exchange between parties
4. legality: contract must be for a lawful purpose
5. capacity: both parties must be adults of sound mind
6. consent: no trickey/force (extortion) to form the contract
%
7. writing: land, service contracts longer than a year, etc. must be written; not all
contracts have to be in writing. - ✔✔7 Key Characteristics of a Contract
A court will award money or other relief to a party injured by a breach of contract. -
✔✔Remedies
1. Is it certain the defendant promised to do something?
2. If there was a promise, is it fair to make them honour their word?
3. If there was no promise, should we hold them liable anyway? - ✔✔3 Basic
Questions
Both sides are still fulfilling its obligations - ✔✔Executory Contract
all parties have fulfilled their obligations - ✔✔Executed Contract
Satisfies all of the law's requirements - ✔✔Valid Contract
stuvia
, STUVIA 2024/2025
The weaker party is able to void the contract - ✔✔Voidable Contract
Illegal and both sides know the exchange is illegal. Or a party had no authority to
contract to begin with. (i.e. minor, adult of unstable mind, etc.) - ✔✔void agreement
A contract where parties intend to bargain but law prevents it. - ✔✔Unenforceable
Contract
Agreement where al of the terms are explicitly stated - ✔✔Expressed Contract
Words and conduct indicate the agreement (i.e. restaurant, movie theatre, bar; service
industry) - ✔✔Implied Contract
Body of laws governing commercial transactions in the United States and provide
uniformity.
- only applies to goods valued over $500
- only applies to goods and not services - ✔✔Uniform Commercial Code (UCC)
%
A contract for both goods and services; court must determine the primary purpose of
the contract. - ✔✔Mixed Contract
the legal enforcement of an otherwise unenforceable contract due to a party's
detrimental reliance on the contract - ✔✔Promissory Estoppel
court-imposed obligation to prevent unjust enrichment in the absence of a contract -
✔✔Quasi Contract
"As much as he deserves" - the damages awarded in a quasi-contract case -
✔✔Quantum Merit
Two questions determine whether a statement is an offer.
1. Do the offeror's words and actions equal intention?
2. Are the terms reasonably indefinite? - ✔✔Making an Agreement =
stuvia
