GBL 295 Study Guide - Midterm Guide: Uniform Commercial Code, Meeting Of The Minds, Unconscionability

• School: MSU
• Department: General Business-Business Law
• Course: GBL 295
• Professor: R.Ross

Document Summary

Entering into k used to be very formal. Now, just about any agreement between the parties may be considered a k. It is not only easier to get into a k, it is easier to get out (fraud, duress, undue influence, mistake, unconscionability or impossibility) Parties manidues (by words or conduct) that they inted to enter into a contract) Intentional exchange of a legal benefit or legal detriment as an inducement to the other party to make a return exchange. Agreement must not be criminal, tortious, or against public policy. Adjudicated incompetents have no legal capacity to contract. Mutual assent is usually made through an offer and an acceptance. Both the offer and the acceptance generally can take the form of either words or conduct. Conduct can be used to demonstrate the existence of a contract. Offer must be made or authorized by offeror. Offer must evidence intent to enter into contract.