MGMT 209 Lecture 7: Contract Law
23 Feb 2019
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Implied vs express contract: express contract: stated, either written or oral, states what needs to be done or what can"t be done, terms/conditions are all stated. Implied contract: inferred from the action of the parties. "implied by fact: all the facts are necessary. If then (if the if never occurs, then the then never has to occur: condition subsequent, conditional contract doesn"t happen until then, you do the work right now until a stated event occurs, condition concurrent. Enforcement of contracts: breach of contract - most common, contract law solves the issues of breach of contracts, common law, elements of a contract, agreement, offer. It"s gone: only the offeror can revoke an offer, rejection, change of mind, once you reject an offer, there"s not an r word called resurrection, oferee backs out, lapse of time. 20 days: counteroffer, terminates offer, makes a new offer, oferee becomes oferor, oferor becomes oferee, termination by law.
