BMGT380 Midterm 2 Questions and Answers Fully Solved 100%
3 views 0 purchase
Course
BMGT380
Institution
BMGT380
Requirements for Promissory Estoppel - ️️There is a promise that the promisor
should foresee is likely to induce reliance
Actual reliance on the promise by the promisee
Injustice occurs as a result of the reliance
Offer Requirements - ️️Present intent
Specificity of terms
Communicatio...
Contract is formed as soon as the promises are exchanged
, Implied Contract - ✔️✔️Contract is not expressly stated, but given the circumstances it
exists
i.e. When you go to the doctor, there is an implied contract that they will treat you and
you will pay the bill
Express Contract - ✔️✔️Parties directly state the terms of their contract at the time the
contract is formed
Executory Contract - ✔️✔️Contract is not completed
At least one party has yet to perform their duties
Voidable Contract - ✔️✔️one or more of the parties have the legal right to cancel their
obligations under the contract
i.e. the contract was induced by fraud or deception
Present Intent - ✔️✔️The intent to enter the contract upon acceptance. It signifies that
the offeror is not joking, haggling, or equivocating
Specificity of Terms - ✔️✔️The terms of the contract are clearly laid out to both parties
Common law used to be very strict but has become more lenient
UCC is less strict, terms of an offer can be left open and it will still be enforced
Communication of Offer to Offeree - ✔️✔️An offeror objectively indicates an intent to
be bound by certain terms
Auctions - ✔️✔️Sellers at auctions are generally treated as making an invitation to
offer. Those who bid on offered goods are, therefore, treated as making offers that the
owner of the goods may accept or reject
Bids - ✔️✔️Advertisements for bids are generally treated as invitations to offer. Those
who submit bids are treated as offerors.
Offerors can withdraw bids (offer) at anytime and offerees can accept or reject any bid.
Termination of Offers - ✔️✔️Terms of the Offer
Lapse of Time
Revocation
Rejection
Death or Insanity of Either Party
Intervening Illegality
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 PatrickKaylian. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.39. You're not tied to anything after your purchase.
