Michael Jordan
an agreement between two people where there is a benefit and a detriment for both parties.
contract
A contract that has no legal effect is
void
A contract that the court will not uphold, generally because of some rule of law such as statute of limitations.
unenforceable
Getting gas could be an example of a(n)
implied contract
Posting signs up around town offering a reward for a lost dog would be an example of
unilateral contract
Advertisements at a car dealership, house for sale signs are examples of
invitation to negotiate
What is the mirror image rule
terms must match the offer and not change
Anthony sent a letter to Mallory offering to buy her home for $200,000. Mallory wrote a reply stating that she would accept his offer if he paid $210,000. What did Mallory do?
counteroffer
Mike and Stephen are dealing face to face, when does the acceptance take place?
immediately
Mary makes an offer via email. Alex uses mail to accept and send back. When is it accepted?
when the contract is received
Nicole makes an offer via email. Abby emails back to accept. When is it accepted?
when the contract is sent
Rob offered to sell his phone to Jodi for $400. Jodi couldn’t decide if she wanted to spend that much money. Rob decided he didn’t want to wait so long and phoned her to tell her he wasn’t selling the phone any more.
revocation
Diane decided she was going to make some extra money by selling pies. She talked to her neighbor about selling her some pies for $10. The neighbor told her she wasn’t interested in the pies.
rejection
Brad offered to sell Steve his motorcycle for $2,000. Brad tells Steve he has 10 days to decide. Steve calls Brad on day 12, but Brad tells him he sold it to someone else.
expiration of time
What are the requirements of an effective acceptance?
only the offerees may accept, Acceptance must match the offer, Acceptance must be communicated to the offeror
How could an offeree ensure that an offer will stay open for a set period of time?
Option or a Firm Offer
What are the requirements of an offer?
proposal, counteroffer, definite and certain & communicated
You are leasing an apartment that says there are no dogs allowed. You get caught by your land lord with your dog. What have you committed?
breach of contract
This university is located in Durham, NC
What is Duke
This university is located in LA
UCLA
This sport requires a ball and a webbed stick
lax
Ensures fair treatment of employees and minimizes the risk of legal disputes
Employment Law
Enables businesses to safeguard innovations, brand identity, and creative works
IP Law
2 questions - daily double:
Ensures proper structure, accountability, and protection of shareholders
Meet the obligations, avoid penalties, and maintain financial transparency
Corporate Law
Tax Law
daily double
Protects against legal claims and promotes fair business practices
Protecting ecological footprint, maintain sustainability and avoiding liabilities
Consumer Protection Law
Environmental Law