Business Law Mid Term II Key Concepts

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Author:
fillup
ID:
227787
Filename:
Business Law Mid Term II Key Concepts
Updated:
2013-07-21 20:25:21
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Business Law Mid Term II Key Concepts
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Business Law Mid Term II Key Concepts
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  1. Pacta Sunt Servada
    Agreement shall be kept
  2. Elements of a Valid Offer
    • Manifestation of offeror’s intent to be bound
    • -Intent determined by objective, “reasonable person” standard
    • -Preliminary negotiations and advertisements do not constitute offers
    • Definite and certain terms (including subject matter, price, quantity, quality, and
    • parties)
    • Communication of offer to offeree (or offeree’s agent)
  3. Mailbox Rule
    Acceptance by mail effective when placed in mailbox; however, revocation of offer effective only when received by offeree
  4. Elements of Fraudulent Misrepresentation
    • 1. A false statement about a past or existing fact that is material to the contract
    • 2. Intent to deceive, which can be inferred from the particular circumstances
    • 3. Justifiable reliance on the false statement by the innocent party to the agreement
    • 4. Damages

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