Class notes
BUL 4421 Chapter 13-20 Review Notes
- Course
- BUL 4421
- Institution
- Florida Atlantic University
This is a comprehensive and detailed review note on Chapter 13-20.
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Business Law 1Chapter 13 Introduction to Contracts
Contract- a legally enforceable promise, consists of offer and acceptance, value must be given
to both parties, cannot go against public property
Elements required for contract formation are- agreement, consideration, contractual capacity
and legal object
Objective Theory of Contracts- employs subjective standards of the contracting parties
Sources of Contract Law
Common law- restatement of the law
Uniform Commercial Code (UCC)
Bilateral- exchange of promises
Unilateral- promise in return for performance of act
Express- based on written or spoken words
Implied- based on actions
Quasi-contract- (implied-in-law)- not actually contracts, but imposed in certain cases
Void- illegal object
Voidable- parties can withdraw from or enforce contract
Unenforceable- valid but courts cannot legally enforce contract
Executed- all terms fully performed
Executory- some duties under contract not performed
Chapter 14- Agreement
Elements of a valid offer- offeror’s intent is binding when communicated directly to offeree
Auction with reserve- bidder/offeror may revoke bid before the auction is over
Auction without reserve- seller must accept highest bid
Acceptance- representation of offerees intent to be bound by the terms of offer
Mailbox Rule- acceptance by mail effective when placed in mailbox
Chapter 15- Consideration
Consideration- something of value in exchange for something else of value, must be
consideration in order to legally enforce a promise.
Liquidated debt- amount of money owed is not in dispute
Unliquidated debt- dispute money owed or dispute amount owed
Accord and Satisfaction- partial payment of dispute debt discharges remaining balance
Chapter 16- Capacity and Legality
Contractual Capacity- mental ability to understand rights and obligations by contract
General Rule of Law- natural persons 18+(most states) are presumed to have full legal capacity
to enter binding legal contracts.
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