List the terms generally requisite for a contract offer to be definite and explain court application of implied terms.
There are 4 basic requirements for a contract to be definite, they are:
Agreement between an offeror and an offeree
Consideration – something of legal value given in exchange for a promise
Contractual Capacity - parties must be sane and of sound mind
Lawful object - the item or service must be not be something that against public policy
Define consideration.
Consideration is one of the requirements or elements necessary for a contract to be enforceable.
It is “something of legal value given in exchange for a promise”. Consideration can come in
many forms such as; tangible payment or performance of an act.
Describe promissory (equitable) estoppel from Chapter 8 Page 191.
Promissory estoppels is a doctrine in which a non contractual (oral contract) promise may be made enforceable to avoid an injustice. There are three conditions:
1-the promise causes action by another
2-the belief or reliance that the promise would be followed through
3-injustice can be avoided only by enforcing the oral promise
7.2
Well, definitely appears to be a "quasi" or "implied" contract. Under this doctrine, the courts may infer a legally enforceable agreement from the circumstances of the parties' dealings; Michelle gave up a career as an entertainer and apparently devoted herself full time to Marvin's welfare; she was his companion, homemaker, housekeeper and cook. Though they were not formally married, the two carried themselves in the general public as husband and wife. I notice Michelle even uses Marvin's last name even though the parties had not entered any actual written agreement. I believe the courts would treat her relationship with Marvin as an "implied agreement" granting her many of the same rights given by law to wives. The poor fool will get cleaned out…
7.7
Under the common law of contracts, acceptance of a bilateral...