Business Law Test Study Notes Review

Business Law - Test Study Notes Review

commenceS - Written. Oral. Implied.

Freedom of bundle - what parties agreed to in the first place is unrestricted to the court. Equal quite a littleing position. performing Voluntarily.

People can enter in any kind of contract as long as it meets the general law requirements.

Law of contracts: common law or case law.

CONSENSUS - parties must reach a mutual agreement. Equal bargaining positions. Free to enter as they choose. Involves offer and acceptance. Consensus can be inferred (indirect)

CONSIDERATION - commitment of twain parties to do something. The consideration is the price each is willing to pay in dictate to be in the contract.

CAPACITY - legally capable to make; enter the bargain. Limitations are placed on: infants, insane, intoxicated, aliens, sometimes primaeval people, & corporations.

LEGALITY - must be legal; not against common policy.

INTENTION - both parties must be serious when striking the bargain & both must intend that legally enforceable obligations will result from it.

FORMAL CONTRACT - is sealed (use of a seal)

SIMPLE CONTRACT or PAROL CONTRACT - verbal or written alone not under seal.

EXPRESS CONTRACT - where parties expressly started their agreement, either verbally or in writing.

IMPLIED CONTRACT - INFERRED from the conduct of parties.

Ex. Vending weapon - inferred (indirect).

VALID CONTRACT - agreement legally binding on both parties.

VOID CONTRACT - is not legally binding because something is missing. Void grow - No Contract.

VOIDABLE CONTRACT - is valid but one party has the right to escape.

UNENFORCEABLE CONTRACT - example: required to be in writing under the Statute of Frauds but is not. Courts wont enforce unenforceable contract.

ILLEGAL CNTRACT - involves the performance of unlawful act. It is void.

BILATERAL CONTRACT - both parties make commitments; come to obligations. Offer - Acceptance.

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