BUS-L 201 Final: L201 Exam 3 Study Guide
Document Summary
Offeree the person who has the power to bind the offeror. Unilateral contract one person makes a promise (frequent buyer dd card, lost dog reward) Bilateral contract both parties exchange promises contract is formed as soon as the promises are exchanged (coffee shop will pay mall for lease of kiosk, wanted posters) Express the parties have directly stated the terms of their contract orally or in writing at the time the contract was formed. Implied when surrounding facts and circumstances indicate that an agreement has in fact been reached also called a contract implied in fact. Valid: meets all of the legal requirements for a binding contract ( therefore enforceable in court) forceable because of some legal rule (the right only belongs to the harmed part) Unenforceable: meets the basic legal requirements for a contract but may not be en- Voidable: harmed parties have legal right to cancel their obligations under the contract.
