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WVU BCOR 320 - Chapter 9

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BCOR 320 1nd Edition Lecture 19 Intro to Contracts Elements of a contract Offer All contracts begin when a person or a company proposes a deal Acceptance Once a party receives an offer he must respond to it in a certain way Consideration There has to be bargaining that leads to an exchange between the parties Legality The contract must be for a lawful purpose Capacity The parties must be adults of sound mind Consent Certain kinds of trickery and force can prevent the formation of a contract Writing While verbal agreements often amount to contracts some types of contracts must be in writing to be enforceable Definition A promise that the law will enforce Development of Contract Law Common law once required all contracts to be in writing with a seal affixed Later some payment was required before a contract could be enforced Mutual promises became enforceable in the 1600 s By the 1900 s courts began to consider the fairness of contracts before enforcing them Types of contacts Bilateral vs unilateral Express vs implied Executory vs Executed Bilateral and Unilateral Contracts Bilateral both parties make a promise to do something to each other Unilateral one party makes a promise to the other that the other party can accept only by doing something specific Express and Implied Contracts Express the two parties to the contract explicitly state all of the important terms of their agreement These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Implied the words and conduct of the parties indicate that the parties intended to make an agreement Executory and Executed Contracts Executory when one or more parties has not fulfilled its obligations under the contract Executed when all parties to the contract have fulfilled their obligations under the contract Types of contracts Valid Unenforceable Voidable and Void Agreements Valid satisfies the law s requirements Unenforceable when the parties intend to form a valid bargain but some rule of law prevents enforcement Voidable when the law permits one party to terminate the agreement Void one that neither party can enforce usually because the purpose is illegal or one of the parties had no legal authority Promissory Estoppel Even when there is no contract a plaintiff may use promissory estoppel to enforce the defendant s promise if he can show that The defendant made a promise knowing that the plaintiff would likely rely on it The plaintiff did rely on the promise and The only way to avoid injustice is to enforce the promise Quasi Contract Even when there is no contract a court may use quasi contract to compensate a plaintiff who can show that He gave some benefit to the defendant He reasonably expected to be paid for the benefit and the defendant knew this and The defendant would be unjustly enriched if she did not pay The damages awarded are called quantum meruit meaning that the plaintiff gets as much as he deserved


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WVU BCOR 320 - Chapter 9

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