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Course
MGMT 311
Institution
MGMT 311
MGMT 311 EXAM III WITH ACTUAL QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERTS |LATEST VERSION 2024 WITH GUARANTEED SUCCESS AFTER DOWNLOAD ALREADY PASSED!!!!!!! (PROVEN ITS ALL YOU NEED TO EXCEL IN YOUR EXAM
Chapter 12: Formati...
MGMT 311 EXAM III WITH ACTUAL
QUESTIONS AND COMPLETE
100%CORRECT ANSWERS WITH
VERIFIED AND WELL EXPLAINED
RATIONALES ALREADY GRADED A+ BY
EXPERTS |LATEST VERSION 2024 WITH
GUARANTEED SUCCESS AFTER
DOWNLOAD ALREADY PASSED!!!!!!!
(PROVEN ITS ALL YOU NEED TO EXCEL
IN YOUR EXAM
,
, Unilateral contract A contract that results when an offer can be accepted only by the offeree's
performance. Comes into existence the moment the contact is performed. Ex: Reese says to Celia, "If
you drive my car from New York to Los Angeles, I'll give you $1,000." Only on Celia's completion of the
act—bringing the car to Los Angeles—does she fully accept Reese's offer to pay $1,000. If she chooses
not to accept the offer to drive the car to Los Angeles, there are no legal consequences.
Express Contract the terms of the agreement are fully and explicitly stated in oral or written
words
Implied Contract the terms of the agreement are inferred from the conduct of the parties
3 steps to establish an implied contract 1. The plaintiff furnished some service or property.
2. The plaintiff expected to be paid for that service or property, and the defendant knew or should have
known that payment was expected.
3. The defendant had a chance to reject the services or property and did not.
Executed Contracts a fully performed contract
Executory Contracts those contracts in which the terms have not been completely executed or
fulfilled
Informal Contracts A contract that does not require a specified form or formality in order to be
valid.
Valid Contract A contract that results when the elements necessary for contract formation (agreement,
consideration, contractual capacity, and legality) are present.
T/F: Valid contracts are always enforceable F; certain legal defenses can prevent enforceability
Unenforceable contract A valid contract rendered unenforceable by some statute or law.
Ex: If a contract needs to be in writing, and is not, it will be unenforceable unless exceptional
circumstances exist
Voidable Contract A valid contract exists but one or more of the parties has the optiom of avoiding
his or her contractual obligation. The party with the option can election to void the contract or ratify it.
Void Contract agreement has no legal effect and is not really a contract; no legal obligation exists on
the part of either party
Is there a contract?
Everett McCleskey, a local businessperson, is a good friend of Al Miller, the owner of a local candy store.
Every day on his lunch hour, McCleskey goes into Miller's candy store and stays about five minutes.
After looking at the candy and talking with Miller, McCleskey usually buys one or two candy bars. One
afternoon, McCleskey goes into Miller's candy shop, looks at the candy, and picks up a $1 candy bar.
Seeing that Miller is very busy, he waves the candy bar at Miller wi Yes, a bilateral, implied,
executory contract. (Be able to deduce this)
, Agreement: Requirements of the offer 1. Serious Intent
2. Reasonably certain and definite terms
3. Communication
Intention The offeror must manifest his or her objective, serious intention to be bound by the
terms of the offer
Lucy v. Zehmer (1954) Background: Zehmer had a farm for generations, never selling it to anyone for
any reason.
Lucy offered Zehmer 50k for his farm while they were at a bar. Lucy got Zehmer to put it in writing,
which they modified several times. discussed terms for 30-40 min and signed the napkin "contract."
Issue 1: Is serious intent present?
Issue 2: Intoxication
Chapter 12: Formation of Traditional and E-Contracts Chapter 12: Formation of Traditional and E-
Contracts
Function of Contract Law Contracts create expectations as to how parties to agreements will
conduct themselves in the future
If a party to a valid contract does not carry out a promise, a court will enforce the contract and provide
some form of relief or remedy to the non-breaching party
Contract law provides stability and predictability and is the foundation upon which more specialized
areas of the law are built
Contract agreement enforced between 2+ parties who promise to perform or refrain from
performing now or in the future
Breach a violation of contract that leads to liability, because both parties have duties to each other
Objective Theory of contracts The apparent intention of a party to enter into a contract is determined
by the objective, outward manifestation of his or her assent as it would be interpreted by a reasonable
person
Objective factors 1. Words - What the party said or wrote when entering into the contract
2. Actions - How the party acted or appeared
3. Circumstances - circumstances surrounding the transaction
Weston v. Cornell University Cornell University in New York offered Leslie Weston an associate
professorship for an initial term of five years. The offer letter described the position as being "with
tenure," but it stated that the offer of tenure would have to be confirmed by the university's review
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