Notesale: Turn your study into money

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Extracts from the notes are below, to see the PDF you'll receive please use the links above

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Journal:
Today has been an unusual, but yet interesting day, for starters, first thing that I saw when I
woke up was that Rhonda Rousey lost her fight to Holly Holm
...

Yet, her fight last night was short as well
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Chapter 8 Business Law Notes:
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Unilateral Contract – promise exchanged for an act

Express contract – contract in which all the terms are clearly set forth in either written
or spoken words
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Implied contract – contract that arises not from words of agreement but from the
conduct of both parties

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Quasi-contract – a court-imposed contractual obligation to prevent unjust enrichment
Valid – term applied to a contract that includes all four elements of a contract: agreement
(offer and acceptance) consideration, contractual capacity, and legal object

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Unenforceable – term applied to a contract that is not valid because its object is illegal or
has some defect that is so serious that it is not a contract
...
Such contracts
require no consideration for them to be legal

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Recognizance – obligation in which a party acknowledges in court that he or she will
perform some specified act and/or pay a price on failure to do so
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It is not a promise and thus not a consideration

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Unforeseen circumstances – events that a reasonable person would not be expected to
anticipate

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Requirement contract – agreement whereby the buyer agrees to purchase all of his or
her goods from one seller and no quantity is stated in the contract; valid under UCC but
not under common law

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Output contract – agreement whereby the seller guarantees to sell everything he or she
produces to one buyer and no quantity is stated; valid under the UCC but not under
common law

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Liquidated debt – debt for which there is a dispute between the parties about the fact
that money is owed and the amount of money owed

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Unliquidated debt – debt for which the parties either dispute the fact that any money is
owed or agree that some money is owed but dispute the amount

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Accord and satisfaction – an arrangement between contracting parties whereby one of
the parties substitutes a different performance for his or her original duty under contract

Pre-existing duty
A promise to do something you are already obligated to do is not valid consideration
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Second, performance of an existing contractual duty is not good consideration
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Exceptions to the Preexisting duty rule
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Unforeseen circumstances
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Additional work
UCC – sale of goods

For an accord and satisfaction to be enforceable, three requirements must be met
1
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Creditor agrees to accept as full payment less that the creditor claims is owed

3
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We reserve all rights regarding these payments (e
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, if it is determined that there is no valid
dispute or if any such check is received at any other address, we may accept the check and you
will still owe the remaining balance)

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