STUVIA 2024/2025
BUS LAW CHAPTER 11
the formation and keeping of promises - ✔✔Contract law deals with among other
things
a persons assurance that he or she will or will not do somthing - ✔✔Promise
A person who makes a promise. - ✔✔Promisor
A person to whom a promise is made. - ✔✔Promisee
•all contracts except when it has been modified or replaced by statutory law, such as
the Uniform Commercial Code (U C C), or by administrative agency regulations. -
✔✔The common law governs
•Services
•Real estate
%
•Employment
•Insurance - ✔✔The common law governs contracts relating to
•The sale of goods
•The lease of goods - ✔✔The U C C governs contracts relating to
both buyers and sellers in the marketplace. - ✔✔Contract law is designed to provide
stability and predictability, as well as certainty, for
promise or to entitle the innocent party to some form of relief - ✔✔Contract law is
necessary to ensure compliance with a
An agreement that can be enforced in court; formed by two parties, each of whom
agrees to perform or to refrain from performing some act now or in the future. -
✔✔Contract
A person who makes an offer. - ✔✔Offeror
stuvia
, STUVIA 2024/2025
A person to whom an offer is made. - ✔✔Offeree
intent - ✔✔In determining whether a contract has been formed, the element of ---- is
of prime importance
A theory under which the intent to form a contract will be judged by outward, objective
facts as interpreted by a reasonable person, rather than by the party's own secret,
subjective intentions - ✔✔Objective theory of contracts
•What a party said when entering into the contract
•How a party acted or appeared
The circumstances surrounding the transaction - ✔✔Objective facts might include
agreement, consideration, contractual capacity, legality - ✔✔•There are four
requirements that must be met before a valid contract exists.
%
An agreement to form a contract includes an offer by one party to enter into the
agreement and an acceptance of the terms of the offer by another party -
✔✔1.Agreement
•Any promises made by the parties to the contract must be supported by legally
sufficient and bargained-for consideration (something of value received or promised,
such as money, to convince a person to make a deal). - ✔✔1.Consideration
Both parties entering into the contract must have the contractual capacity to do
so—that is, the law must recognize them as possessing characteristics that qualify
them as competent parties - ✔✔1.Contractual capacity
•The contract's purpose must be to accomplish some goal that is legal and not against
public policy. - ✔✔1.Legality
voluntary consent and form - ✔✔Defenses to the Enforceability of a Contract
stuvia
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACTUALSTUDY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.