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voidable contracts

voidable contracts

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Published by blisterring_guy

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Categories:Types, Business/Law
Published by: blisterring_guy on Sep 24, 2010
Copyright:Attribution Non-commercial

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04/21/2011

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Copyright © 2008 by West Legal Studies in Business A Division of Thomson Learning
1
Contracts: Natureand ClassificationContracts: Natureand Classification
Chapter8
BUSINESS LAW TODAY
Standard 8
th
Ed.
Roger LeRoy Miller -Institute for University Studies, Arlington, TexasGaylord A. Jentz -University of Texas at Austin, Emeritus
 
Copyright © 2008 by West Legal Studies in Business A Division of Thomson Learning
2
Learning ObjectivesLearning Objectives
What is a contract? What is the objective theoryof contracts?
What are the four basic elements of a valid,enforceable contract?
What is the difference between an implied-in-factand implied-in-law (quasi) contract?
How does a void contract differ from a voidablecontract? What is an unenforceable contract?
Why have plain language laws been enacted?What rules guide the courts in interpreting thecontracts?
 
Copyright © 2008 by West Legal Studies in Business A Division of Thomson Learning
3
ContractsContracts
F
unction of Contracts:
 ±
F
undamental to business. ±Creates rights and duties between parties. ±Provides stability and predictability.
Parties:
Promisor 
 
(makes the promise)and
Promisee
(acc
epts
 
the
 
promise).
 ±Good faith in commercial agreements

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