law for business mr. bernstein how are contracts satisfied? pp 200-205 november 17, 2014
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Law for Business
Mr. Bernstein
How Are Contracts Satisfied? pp 200-205
November 17, 2014
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Law for BusinessMr. Bernstein
Contracts - ReviewA Private, Voluntary Agreement to Exchange
Valuable Things or PromisesAn Agreement in a Form Courts Will EnforceThe Basis for All Economic Activity
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Law for BusinessMr. Bernstein
Requirements of an Enforceable Contract1) Offer and Acceptance – Serious, definite offer,
accepted in full2) Genuine Assent – Cannot be based on duress or
undue pressure (Mollie), an important mistake or deception (Diana)
3) Legality – Items or services exchanged must be legal (John, Danielle)
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Law for BusinessMr. Bernstein
Requirements of an Enforceable Contract, cont.4) Consideration – Both parties must receive
something of value (Alexis)5) Capacity – Both parties must be legally able to
contract (Simone)6) Writing – Some agreements must be in writing
(Kiana)…contracts can be subject to interpretation (Jim)…under some conditions contract obligations can be transferred (Mr. B)
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Law for BusinessMr. Bernstein
Next Topic: How Are Contracts Satisfied?Contracts Are Usually Discharged By PerformanceKey Terms: Cancellation, Substantial Performance,
Default or Anticipatory BreachHow Else can Contracts Be Discharged?
By Agreement – Recission, Novation (Substitute Party), Accord/Substitution/SatisfactionBy Impossibility of PerformanceBy Operation of Law – ie Bankruptcy
If a Tender is made in good faith and rejected
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Law for BusinessMr. Bernstein
Remaining Topics: Remedies when a contract is breached (Kiana & Diana)Denials for remedies when contract is breached (Simone &
Alexis)Sales contract specifics (John & Danielle)Transfer of ownership specifics (Mollie & Jim)
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