Understanding Contracts: Express, Implied, and Quasi Contracts - Prof. Janine S. Hiller, Study notes of Business and Labour Law

Download Understanding Contracts: Express, Implied, and Quasi Contracts - Prof. Janine S. Hiller and more Study notes Business and Labour Law in PDF only on Docsity! Contracts Contact- a promise or a set of promises that the law will enforce court only enforces when it’s legally bound Objective intent to make a contract Look at economic bargains 3 categories for contracts Express- in words/ either written or oral Implied in fact Implied in Law- (later) Quasi contract Bilateral- Unilateral- promise to do something for an exchange of an act Offer & Acceptance & Consideration = Contract (K) Offer + Acceptance = assent/ agreement Illegality Capacity Defense Formalities Remedies An ad is usually an invitation to accept an offer Objective -Definite terms – Common Law must be detailed – UCC is sale of goods and allows flexibility Requirements contract- buyer buys all that she requires from the seller (in good faith) Mire image- acceptance matches offer Offer or can revoke the contract anytime before acceptance Revoke Unilateral contract and performance has begun ( reasonable time to complete) Option- payment is made to keep offer open Firm Offer – no payment in writing and signed by a merchant (90 days) Counter Offer - New Offer/ Rejection of the first offer Consideration