BUS LAW 5
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Post University *
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Course
320
Subject
Law
Date
Jan 9, 2024
Type
docx
Pages
3
Uploaded by reidhannan
Quoted Definition
with Citation
Definition (in
your own
words)
Example
Offer
“A promise to do or refrain from doing something in exchange for something else,” (Cornell Law, 2022)
What is being extended in exchange for the goods or services of someone else I was offered $15/hr to provide labor to Home Depot Acceptance
“Assent to the terms of the offer,” (Cornell Law, 2022) To agree to the terms that the other
person has brought
to the table
NFL players/ teams
must agree to the terms of a contract before it can be signed. This refers to the length and salary. Bilateral Contract
“A bilateral contract is a contract that in which both parties exchange promises to perform,” (Cornell Law, 2022) A contract where both sides must contribute to the agreement
Any sales agreement. I bought a t-shirt when I went to the Bruins game Unilateral Contract
“A unilateral contract is a
contract created by an offer that can only be accepted by performance,”
A contract where one side is paying another for a service The Boston Bruins at the beginning of the season signed Defenseman Charlie McAvoy to an 8-year, $72-
Million contract in exchange for his ability to contribute to the team on and off the ice.
Promissory Estoppel
“Within contract law, promissory estoppel refers to the doctrine that a party may recover
on the basis of a promise made when the party’s reliance on that promise was Someone can collect on a promise that they followed because they believed the promise to be extended until they accepted or I was given a job offer, before accepting, I sold my house and moved for this job and now I have a house payment and the offer was Unit 5 Assignment Contract Terms Template
LAW204 – Business Law I
reasonable, and the party attempting to recover detrimentally relied on the promise,” (Cornell Law, 2022)
rejected, then they put themself in a tough situation because of the promise. rescinded before I could official answer
References
Legal Information Institute. (n.d.). Acceptance
. Legal Information Institute. Retrieved April 7, 2022, from https://www.law.cornell.edu/wex/acceptance Legal Information Institute. (n.d.). Bilateral contract
. Legal Information Institute. Retrieved April 7, 2022, from https://www.law.cornell.edu/wex/bilateral_contract Legal Information Institute. (n.d.). Offer
. Legal Information Institute. Retrieved April 7, 2022, from https://www.law.cornell.edu/wex/offer Legal Information Institute. (n.d.). Promissory estoppel
. Legal Information Institute. Retrieved April 7, 2022, from https://www.law.cornell.edu/wex/promissory_estoppel Legal Information Institute. (n.d.). Unilateral contract
. Legal Information Institute. Retrieved April 7, 2022, from https://www.law.cornell.edu/wex/unilateral_contract
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