Business Negotiations and Contracts: Difference between revisions
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== Week 44 == | |||
* '''covenant''' == an agreement w/a specific promise to do or not to do something | * '''covenant''' == an agreement w/a specific promise to do or not to do something | ||
::: non-competition covenant | ::: non-competition covenant | ||
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* '''statute''' == law/rule | * '''statute''' == law/rule | ||
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'''[[w: | In [[w:common law|common law]] legal systems, a '''[[w:contract|contract]]''' is an agreement having a lawful object entered into voluntarily by two or more [[w:party (law)|parties]], each of whom intends to create one or more legal obligations between them. | ||
::The elements of a contract are "offer" and "acceptance" by "competent persons" having [[w:legal capacity|legal capacity]] who exchange '''[[w:consideration|consideration]]''' to create "mutuality of obligation." ( Wikipedia ) | |||
'''[[w:Offer and acceptance|Offer and acceptance]]''' are elements required for the formation of a legally binding [[w:contract|contract]]: the expression of an offer to contract on certain terms by one person (the '''[[w:offeror|offeror]]''') to another person (the '''[[w:offeree|offeree]]'''), and an indication by the offeree of its acceptance of those terms. The other elements traditionally required for a legally binding contract are (i) '''[[w:consideration|consideration]]''' and (ii) an '''[[w:intention to be legally bound|intention to create legal relations]]'''. ( Wikipedia ) | |||
'''[[w:Consideration|Consideration]]''' is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more. ( Wikipedia ) | |||
* A '''[[w:counter offer|counter offer]]''' is regarded by law to be a '''rejection''' of the original offer. | |||
* '''[[w:Express contract|Express contract]]''' vs. '''[[w:Implied-in-fact contract|implicit contract]]''' | |||
A '''[[w:third party beneficiary|third party beneficiary]]''', in the [[w:law|law]] of [[w:contract|contract]]s, is a person who may have the right to sue on a contract, despite not having originally been an active [[w:party (law)|party]] to the contract. ( Wikipedia ) | |||
An [[w:unenforceable|unenforceable]] contract or transaction is one that is valid, but which the court will not enforce. ( Wikipedia ) | |||