BUS 263 class slides, March 4, 2014

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Information about BUS 263 class slides, March 4, 2014
Education

Published on March 5, 2014

Author: ted_major

Source: slideshare.net

Chapter 9: Formation of Traditional and eContracts, cont'd cc licensed ( BY NC SA ) flickr photo by LOSINPUN: http://flic.kr/p/aNHv22

Contracts • Contract? Contract? – A PROMISE or a SET OF PROMISES for which the law gives a remedy or the performance of which the law in some way recognizes as a duty

elements of a contract? cc licensed ( BY NC SA ) flickr photo by Pierre J.: http://flic.kr/p/5CMRKY

agreement • offer • acceptance cc licensed ( BY NC SA ) flickr photo by Álvaro Canivell: http://flic.kr/p/34n54H

Definite terms • • • • • • Offeror Offeree Quantity Price Delivery Payment

No definite terms? Invitation to make offer

Objective Theory of Contracts • Existence of a contract is based on what an objective 3d party would understand, not subjective intent of parties

objective?

subjective?

censed ( BY ) flickr photo by Dawn Huczek: ://flic.kr/p/5yXYaR

Objective evaluation? • • • • • • • Weight Ingredients Freshness Shape Size Appearance Aroma

Subjective evaluation?

cc licensed ( BY SD ) flickr photo by Ernst Vikne: http://flic.kr/p/6iqQRZ

cc licensed ( BY NC SD ) flickr photo by jasoneppink: http://flic.kr/p/77A7PR

"objective standard"? • "Reasonable person" • "should know"

"subjective intent"? • "that's not what I meant"

contractual capacity cc licensed ( BY NC ) flickr photo by Dennis Gotta: http://flic.kr/p/6aXDU3

legal subject matter © TomT, http://flic.kr/p/5VDVhf

Statute of Frauds cc licensed ( BY NC SA ) flickr photo by daikiki: http://flic.kr/p/6MVs3i

consideration cc licensed ( BY NC SD ) flickr photo by GreenViking: http://flic.kr/p/aTxjvB

Gordon Bach case cc licensed ( BY NC SD ) flickr photo by bug138: http://flic.kr/p/ts888

Requirements for an offer?

Is the letter an offer or an invitation to make an offer?

censed ( BY ) flickr photo by Dawn Huczek: ://flic.kr/p/5yXYaR

If there was an offer, has it been accepted?

Dates? Action Offer Acceptance Revocation Sent Rec’d Effective

Dates? Action Sent Rec’d Offer Feb 1 Feb 3 Acceptance Revocation Effective

Dates? Action Sent Rec’d Offer Feb 1 Feb 3 Acceptance Feb 3 Feb 6 Revocation Effective

Dates? Action Sent Rec’d Offer Feb 1 Feb 3 Acceptance Feb 3 Feb 6 Revocation Feb 2 Feb 5 Effective

mailbox rule icensed ( BY NC ) flickr photo by Indiana Public Media: p://flic.kr/p/8vqJgq

Dates Action Sent Rec’d Effective Offer Feb 1 Feb 3 Feb 3 Acceptance Feb 3 Feb 6 Feb 3 Revocation Feb 2 Feb 5 Feb 5

If correspondence had been by email. Would there be a contract? Phone? Text?

How could Bach prevent this kind of confusion about acceptance & revocation?

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