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BUL 3310 Final Exam ReviewContracts1. Definitiona. A legally enforceable agreementb. Agreementsi. Contracts (K – symbol for contract)ii. Contracts are a subset or a special type of agreement. Must be legally enforceableiii. Means that you can go to court to enforce the contract if the other party does not do what they said they would do1. Court does not enforce a social agreement because its an everyday incident. Essentials of a Contract1. Agreement -Manifestation of mutual assenta. Demonstration of an agreement between two people, but how do you show this? WORDS, oral or writingi. Objective theory of contracts (“Meeting of the Minds”)1. Can give up their rights (Pre-nuptial/post-nuptial contracts)ii. The seller promises the horse for 2200 dollars and the buyer accepts (Agreement). When the buyer sends the 2200 the seller claims that he meant to say 2500, but since the paper says 2200 the seller cannot change the price (Contractual).2. Obligation – legal dutyTypes of Contracts1. Express – agreement manifested in words (oral or written)a. A lease that was signed for housing2. Implied – agreement manifested by conduct (e.g. dental appointment)a. All terms are impliedly reasonablei. If you don’t agree, sample competitors pricesii. DentistFills CavityPatient (Pays $500)iii. Seems too expensive, so you can challenge the price if others show less expensive prices.3. Unilateral – promises for an acta. I promise to do this for you if you do this for mei. Ill pay you if you find my lost dog4. Bilateral – promise for a promisea. I promise to sell your house so pay me now (They don’t pay because you cant promise to promise something, instead they promise to pay you when you complete the action)5. Executory – not yet performeda. I pay you $500/wk if you help me on my project (Not yet performed)6. Executed – completely performeda. Above project is completed so contract has been executedElements of a Valid Contract1. Mutual Assent (Offer and Acceptance)a. Agreement between two people i. I promise to sell you my boat for $5000ii. I accept and will pay you $50002. Considerationa. The bargained for exchangeb. Ill give this to you, if you give that to mec. Must be an exchange and must be bargained for (Both sides are doing something forthe other)3. Capacitya. Incapacityi. We assume that you make a contract so you have the capacity1. Old enough (Infant)2. Sane enough (Insane)3. Sober enough (Intoxicated)4. Legalitya. Contract has to be legal in order to be enforceable (court wont accept a contract between a drug dealer)Offer: Essential Elements1. A promise to render a stated performance in return for the requested counter performance(Ill do this for you if you do that for me)a. Promissory language requirementi. I promise to buy…ii. I will buy…iii. I hereby undertake the obligation to buy…b. Effect of equivocal languagei. I am thinking about buying…ii. I am considering buying…iii. I am contemplating buying…2. Essential terms must be certaina. Depends on the circumstance, but what is essential?i. Identity of buyer and seller, the subject matter, etc.b. Avoid ambiguous languagei. Stay away from vague, ambiguous terms like “some”3. Promise must be communicated under circumstances which manifest present, serious contractual intenta. Must tell somebody that there is an offerb. Must be serious and cannot be joking aroundi. EX/ We’ll pay $5 per year for the period between this year (1980) and the year of an event depicted on a t-shirt1. 1980-1969 (Woodstock)= 11 years or $552. 1980-1215 (Magna Carta)= 765 years or $3825Termination of Offer1. Expiration of time specifieda. If no time specified, offer terminates after a reasonable time base on “totality of circumstances”i. Must understand all factors in order to determine what a “reasonable time” isii. Can say “Must receive acceptance”iii. More specific you are, the better (That’s why you set a deadline)2. Rejection: Express refusal (Deny), counter offer (Give another offer price), conditional acceptance (Accept if…)a. Done by Offeree (Person receiving offer)b. Rejection is effective when received by offeror3. Revocationa. Offer is revocable at any time before acceptanceb. Revocation is effective when received by offereei. Must tell me by X day1. Can change their mind and pull back the offer since you haven’t accepted4. Opinion Contractsa. SellerSell Greenacre for $25,000Buyer (Offer ends 4-30-14)b. Even though he says they have until the date above, the seller can still revoke the offer at any time. c. Option Ki. Seller will keep offer open to him no matter what if he pays $1000 which can later be applied to the purchase price, but is not refundable if he denies the offer.5. Death/Insanity of Offeror or Offeree6. Supervening Illegality – a law is enacated making the offer illegala. We don’t want to trade with that country, so the offer made between two countries is illegal now and we can’t trade/make contract7. Destruction of Subject Mattera. Crash the car that they were sellingAcceptance1. Who may accept offer?a. Only party to whom offer madei. Can’t jump in to buy someone else’s offerii. If offer made to public, 1st person to act gets it2. Conformity – acceptance must conform to offer (“Mirror image” rule)a. If you accept, you must give them whatever they want3. Conduct as acceptancea. Cashing/depositing checki. Plumber provides services w/bill of $500ii. You send him $200 saying that you only believe is service to be worth this muchiii. If he deposits the money, then he is accepting the termsb. Acceptance of document implies acceptance of terms on the documenti. Purchase plane ticket means you accept terms and agreementsc. Silence does not generally constitute acceptancei. Unless otherwise stated?ii. Sent unsolicited merchandise to a consumer is considered a giftReality of Consent1. Central Issue – was acceptance of K offer real and voluntary, i.e., was there real consent2. Consent may be vitiated by:a. Misrepresentation – Misstatement or omission of material fact justifiably relied upon causing injuryi. You bought the car rolled back and did not knowii. Tells you something nor true and you lose moneyb. Fraud – Intentional Misrepresentationc. Duress – Wrongful threat or act which forces a person into a Ki. “Sign this or I’ll kill your mom”d. Undue Influence – Unfair advantage taken by superior party in a fiduciary relationshipi. Husband/Wifeii.


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FSU BUL 3310 - Final Exam

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