Cornell Notes
Topic/Objective:
BMA-LEB-3: Explain and illustrate through simulation
the process by which a legal dispute is resolved for a
business and personal issue.
BMA-LEB-2: Compare and Contrast the relationship
between ethics and law of a business.
Essential Question: What is a criminal law? How does it effect you?
Name: BCS-LEB Kimba Gates 4.1
Class/Period: 1
Date: 10-21-2014
Main Ideas in the Form of
Questions:
Supporting Details for Each Main Idea (Notes):
Contract
Any agreement enforceable by law
Offer
A proposal by one party to another intended to create a legally binding agreement
Acceptance
Genuine
Agreement
The second party’s unqualified willingness to go along
1. truly what something is said to be; authentic.
1. harmony or accordance in opinion or feeling; a position or result of agreeing.
Unilateral contract
Determine
Assume
Require
1.
An oral contract is
not enforceable by law.
(REF: 82)
2.
A valid contract
must contain at least four
of the six elements of a
contract. (REF: 82)
3.
Consideration is
the legal ability to enter a
contract (REF: 83 )
4.
When a bilateral
contract is made, one
person makes a promise to
do something if and when
another person does
something (REF: 85)
A contract that contains a promise by only one person to do something
cause (something) to occur in a particular way; be the decisive factor in.
suppose to be the case, without proof.
need for a particular purpose.
False
False. Must include all 6 elements
True
True
5.
A contract that is
void has no legal effect
(REF:84)
1.
A contract that
amounts to nothing and
has no legal effect is….
(REF: 84)
2.
What are the 6
elements of a contract?
3.
If you wait too long
to bring lawsuit, the court
may not uphold it because
it could be (REF:84-85)
4.
In contract law,
consideration can be
defined as (REF: 83)
1.
What are the
differences among valid,
void, and voidable
contracts?
2.
What are the
differences between
express and implied
contracts?
3.
What is unilateral
contract?
True
void
Capacity, Consideration, Legality, Offer, Acceptance, genuine Agreement
voidable
The thing of value promised to one party in a contract in exchange for something else
Valid- legally good
Void- has no legal effect
Voidable-can be thrown out
Express- a contract a statement that may be oral or written
Implied- comes from actions of party
A contract that contains a promise by only one person to do something
Summary:
Questions:
Notes: