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.
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.If you want to get a full essay, order it on our website: Ordercustompaper.com
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