Definiteness of terms - ️️a) Generally, an offer must express the following items:
i) Identification of the parties.
ii) Object or subject matter of the contract.
iii) Consideration to be paid.
iv) Time of payment, delivery, or performance
Promisor - ️️Makes the promise
Promisee - ️...
Perez BLW 302 Exam 3
Definiteness of terms - ✔️✔️a) Generally, an offer must express the following items:
i) Identification of the parties.
ii) Object or subject matter of the contract.
iii) Consideration to be paid.
iv) Time of payment, delivery, or performance
Promisor - ✔️✔️Makes the promise
Promisee - ✔️✔️A person to whom a promise is made.
Bilateral - ✔️✔️Offeree must only promise to perform (A promise for a promise)
Unilateral - ✔️✔️Offeree can accept the offer only by completing the contract
performance (a promise for an act)
Formed when Performed
Irrevocable: Substantial Performance
Formal Contract - ✔️✔️A contract that requires a special form or method in order to be
enforceable.
Informal Contract - ✔️✔️A contract that does not require a specified form or method of
formation in order to be invalid
Express - ✔️✔️The terms of the agreement (oral or written are explicitly stated
Executed - ✔️✔️A contract that has been fully performed by both (or all parties).
Executory - ✔️✔️a contract that has not been fully performed by one or more parties
Implied (in fact) - ✔️✔️1) Conduct creates and defines the terms of the contract.
Implied Covenant of Good Faith and Fair Dealings - ✔️✔️All contracts
Ambiguity - ✔️✔️unclear or ambiguous when:
a) The parties' intent cannot be determined from the contract's language.
b) The contract lacks a provision on a disputed term.
c) A term is susceptible to more than one interpretation.
d) When there is uncertainty about a provision.
Extrinsic Evidence (parol) - ✔️✔️Evidence outside the four corners of the document
Plain meaning Rule - ✔️✔️A court will enforce a contract according to its obvious terms
when it is clear and unequivocal
Rules of Interpretation - ✔️✔️a) Interpret ambiguous terms against the drafted, or
consider extrinsic evidence.
b) A reasonable, lawful, and effective given to contract's terms as much as possible.
c) Contracts are interpreted as a whole.
d) Terms negotiated separately are given greater weight than standardized terms.
e) Words will be given their ordinary, commonly accepted meanings.
f) Specific wording given greater weight than general language.
g) Written or typewritten given greater weight than preprinted.
h) Trade usage, prior dealing, and course of performance can be used to clarify the
contract.
i) Express terms are given the greatest weight, followed by course of performance,
course of dealing, and custom and usage of trade—in that order.
Contracts require - ✔️✔️Offer
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