BADM 300 Exam 3

Four Things You Need For A Contract?

Offer and Acceptance

• Agreement

• Consideration

• Capacity

• Legality

Four Things You Need For A Contract?

Legal Value

• Agreement

• Consideration

• Capacity

• Legality

Four Things You Need For A Contract?

Ability to make a contract

• Agreement

• Consideration

• Capacity

• Legality

Four Things You Need For A Contract?

Lawful

• Agreement

• Consideration

• Capacity

• Legality

What is Consideration?

• Candy

• Cash

• Claims

• Compensation

When do you not have capacity?

• Minors

• Intoxication

• Mental disfunction/Incompitance

• Misunderstood

A Contract that DOESN'T Exsist

• Void

• Voidable

A Contract where one party CAN void it

• Void

• Voidable

What clause states that contracts have to be in writing in certian paremiters are met?

• Statute of Fruads

• Statute of Limitations

• Statute of Clauses

• Statute of Writings

What are the requirments of the Statute of Fruads

• One-Year Rule

• Transfer of Ownership/Property

• Transfer of Funds

• Six-Months Rule