MGMT 200 Chapter Notes - Chapter 8: Insurable Interest, Electronic Signature, Blue Law
Document Summary
A legally enforceable agreement to do or not do a specified thing. Ucc applies to sale of goods (tangible: all 50 states and fed gov have adopted part of ucc, not federal law, just state statutory law. Methods of expression: express: made in words spoken or written. Legal effect: valid: complies w/ all essential elements, void: no contract, voidable: an essential element is missing, can be legally enforced/rejected, unenforceable: (cid:448)alid (cid:272)o(cid:374)t(cid:396)a(cid:272)t (cid:272)a(cid:374)"t (cid:271)e e(cid:374)fo(cid:396)(cid:272)ed fo(cid:396) so(cid:373)e (cid:396)easo(cid:374) (cid:894)e(cid:454). statute of li(cid:373)itatio(cid:374)s(cid:895) Extent of performance: executed: fully performed contract by both parties, executory: valid contract where something remains to be done by either or both parties. Parties bound: bilateral: promise made in exchange for another promise, e(cid:454). A ag(cid:396)ees to fi(cid:374)d b"s dog du(cid:396)i(cid:374)g (cid:1006)(cid:1008)-h(cid:396) pe(cid:396)iod i(cid:374) e(cid:454)(cid:272)ha(cid:374)ge fo(cid:396) b"s p(cid:396)o(cid:373)ise to pa(cid:455) a (cid:1004: unilateral: a potential agreement; one party makes a promise/offer to induce an act from another, ex.
