Legal Aspect Of Business(Chapter 4) Flashcards
What is a contract ?
Is an agreement made by two or more parties that is legally binding or enforceable by law
What is the difference between Contract and Social/Domestic agreement?
A social/domestic agreement is not enforceable by law until till the party that sufferst prove to the court that he/she really intended the agreement to be legally binding
Types of contracts?
~Simple Contact
~Specialty contact
~ Contact of Record
Features/Characteristics of a Simple Contact are?
1~Offer and Acceptance
2~Consideration/ Form
3~Capacity
4~ Legality
5~Possiblity
6~ Genuineness of the parties
7~ Good Faith
The person making an offer is called
Offeror
The person accepting the offer is called
Offeree
The Acceptor is
The offeree after accepting the offer
Simple Contact can be
Verbal, Non-Verbal/Implied or Written
A Specialty contact must be
Written, Signed, Sealed and Delivered
Contact of Record is
Imposed by the Courts orders requesting a party to abide by obligation laid down by the court
What are some examples of Specialty Contact?
Sale of Goods, Sale of land and Insurance contact
What are some examples of Contact of Record?
Alimony Payment, Child support and Order to pay for damages to the environment
What is A Breach of contract?
Occurs when one party to the contract fail to do what was agreed
What are some ways a contact can be terminated or discharged?
~Notice, ~Legislation, ~Government interference, ~Performance, Merger and~ Death
