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Law for You

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Submitted By drehawkins70
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1. Promise is not a contract 2. If it’s not a promise it is not enforceable 3. Go through the analysis 4. Void contract is one that is nullified because it no longer exist 5. Voidable contract can be done by one or both parties 6. Unilateral contract – one party makes a promise but the other party cannot promise they can only finish the act 7. Bilateral contract is a promise for a promise – enforceable promise 8. Option contract – can close offer at anytime unless contration adds consideration 9. Executory contract is one that hasn’t been performed yet 10. Treatment of rewards and auctions- what type of contract and what offer , 11. Promisor v promise’e 12. UCC purpose is uniform commercial code make sure we have a uniform code that the laws will be the same with the sales of goods 13. When does hhe ucc apply – 14. Make sure you know when the od=ffer has to be accepted 15. Understand what a consideration is. 16. Understand=d the difference between legal value and monetary value.pg 151 17. Contrct modification- does there have to be new consideration 18. Liquidated debts and un liquidated debts 19. Due and certain and reasonable explanation why the payment is due 20. Article 2 the sale of goods UCC

Definition of a Contract - A Contract is A Legally Enforceable Promise
Void/Voidable Contract- one or both may cancel / or is nullified
Unilateral Contract-one party makes promise the other party acs
Bilateral Contract- both parties make a promise
Option Contract- is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a later date at an agreed upon price.
Executory Contract- is a contract made by two parties in which the terms are set to be fulfilled at a later date
Treatment of Rewards, Auctions
Purpose

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