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GSU BUSA 2106 - Contract law
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BUSA2106 Lecture 13Outline of Last Lecture I. Shareholder powerII. Business Judgment RuleOutline of Current Lecture I. Definition of a contractII. Contract formation III. Contract breach Current Lecture  Contract law :• Concerns the making and keeping of promises; enforcement of private agreements o Purpose? • Why enforce private agreements through the courts?  Sources of contract law • Civil law • State law - Common law • Services • Real estate • Employment • InsuranceStatute: Uniform Commercial Code (UCC) • Commercial sale and lease of goods What is a contract? Four elements: 1. Agreement: offer and acceptance 2. Consideration: exchange of something of legally sufficient value for a promise 3. Capacity: who can make a contract 4. Legality: goal of the contract is not illegal and not against public policy 1. Agreement: offer •Offeror must intend to be bound by the offer •Terms must be reasonably certain so that the parties (and the court) know what they are •Offer must be communicated to the offeree so that the offeree knows the terms of the offer Bistro 24 •You discover that an advertisement printed in the newspaper for your Special for Two, a five-course, fixed-price dinner with wine pairings, listed the price as $9.99 rather than $99.99. The phone has been ringing off the hook with Special for Two reservation requests. •Analyze this from a contract law perspective. 1. Agreement: acceptance •Voluntary act showing agreement to the terms of the offer –Words or conduct •Unequivocal –Mirror image rule –Counteroffer •Communicated to the offeror Acceptance (cont.) Selected Terms of Use Terms of Use:•For content that is covered by intellectual property rights, like photos and videos, you specifically give us the following permission . . . : you grant us a non-exclusive, transferable, sub-licensable, royalty-free,worldwide license to use any IP content that you post on or in connection with Facebook. •You will resolve any claim . . . you have with us arising out of or relating to this Statement or Facebook exclusively in a state or federal court located in Santa Clara County. . . You agree to submit to the personal jurisdiction of the courts located in Santa Clara County, California for the purpose of litigating allsuch claims. Is there an agreement? You received the following letter in today’s mail: Dear college student: We so believe that Encyclopedia Pacifica will help you with your college studies and career preparation that we are prepared to make you an incredible offer – the entire 26 volume set for only $2,500, plus shipping and handling. We’re so sure that you’ll want to take advantage of this once-in-a-lifetime offer that we’ve already reserved a copy for you. We’ll put your encyclopedias in the mail November 1 unless we hear from you by that date that you don’t want this educationally beneficial offer. Sincerely, The Marketing Department 2. Consideration •Exchange of something of legally sufficient value for a promise •Bargained-for exchange •Distinguish from gifts, preexisting duties, past consideration Is there consideration? •Granny promises to give Teo $5,000 on his 20th birthday. •Granny promises to give Teo $5,000 if he graduates from high school. •Teo graduates from high school. He tries to get Granny to pay him $5,000 after the fact. 3. Contractual capacity •Who can (or cannot) make a contract? –Minors: can enter into any contract an adult can, but easily voidable–Extreme intoxication –Mental incompetence 4. Legality •Contracts contrary to statute –Examples: prostitution, drug sales •Contracts contrary to public policy –Restraint of trade, e.g. covenants not to compete –Unconscionability: disparity in bargaining power between parties such that the weaker party is taken advantage of, e.g. rent-to-own


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GSU BUSA 2106 - Contract law

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Pages: 4
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