Unit 6 Safe Assignment (Draft)
Instructions Assignments submitted through this link will be checked using SafeAssign by Blackboard. Your work will not be used for any purpose other than preventing plagiarism in the University. Ownership of the intellectual property contained in your written work will not be transferred to any third party. Please submit your paper as a Word Document. If you have the 2010 version of Word, please save your paper in a previous version (Word 97-2003 document) as Safe Assign may not accept the most recent version.
Assignments submitted through this link will be checked using SafeAssign by Blackboard. Your work will not be used for any purpose other than preventing plagiarism in the University. Ownership of the intellectual property contained in your written work will not be transferred to any third party.
Please submit your paper as a Word Document.
If you have the 2010 version of Word, please save your paper in a previous version (Word 97-2003 document) as Safe Assign may not accept the most recent version.
Please submit answers to the link below no later than 11:59 PM Sunday at week’s end.
Instructions: Format each of your Answers as follows:
MANDATORY: Use the following outline for your EACH of your numbered answers:
These are “Definition” Questions.
Format each of your Answers as follows:
Definition (quote from the Textbook, with page number or from a liable source)
Explanation in your own words
Example (either your own or one that is in the Text)
Find a website that supports and further explains your answer (not one that I have included in our Course; include the website in your answer)
The Questions
Define EACH of the following:
Offer
Acceptance
Consideration
Forebearance to sue
End of Questions
Note: Assignment grades will be determined as follows: 50% content; 30% analysis; and 20% organization and mechanics.
BUSLAW204 Unit 5 Safe Assignment
Define EACH of the following Terms:
1
2
3
4
Legally enforceable
Bilateral Contract
Express Contract
UCC
5 Promissory Estoppel
1.) A.) Legally enforceable means that a statement is “authoritative, binding, compelling and has legal
effect”. Willmott, L, Christensen, S, Butler, D, & Dixon, B 2009 Contract Law, Third Edition, Oxford
University Press, North Melbourne pg 240-249.
B.) Enforce means obedience to. A right or obligation is enforceable if a party obligated to an act is forced
or ordered to comply with a legal process. In other words, enforceable is an action which can be made
effective.
C.) For example, an agreement between persons in which either of the parties involved can legally
compel the performance of the other.
D.) www.utsa.edu/…/definition.cfm
2.) A. Bilateral contract refers to “an agreement formed by an exchange of a promise in which the promise
of one of the party is the consideration supporting the promise of the other party” Jolls, Christine
(1997)"Contracts as Bilateral Commitments: A New Perspective on Contract Modification." Journal of
Legal Studies 26 (January): 203-237.
b.) B. A bilateral contract refers to a reciprocal arrangement between two [parties where each of the
parties promises to perform an act in exchange of another’s act. Each party is bound to the other.
C.) For example, when you make a purchase at your favorite store or order a meal at a restaurant. In each
circumstance, you will have promised a certain action to a certain party in response to that person.
D.) https://www.rocketlawyer.com/…/whats-the-difference-bet.
3.) A. An express contract is a contract in which all elements are specifically stated (offer, acceptance,
consideration), and the terms are stated as compared to an “implied” contract in which the existence of
contract is assumed by circumstance. Wilmot et al, 2009, Contract Law, Third Edition, Oxford University
Press, page 34
B. )An express contract is a contract whose terms the parties have explicitly stated out. The agreement is
expressed in words either in oral or written form.
C.) An example would be a situation where a written lease agreement has expired but the tenant continues
to make the rent payment and the landlord continues to accept the rental payments.
D.) www.businessdictionary.com/definition/express-contract.html
4.) A.) UCC means uniform commercial code. It one of a uniform acts that have been promulgated to
harmonize the law of sales and other commercial transactions in all 50 states within the United States of
America. Stewart Macaulay; Jean Braucher; John A. Kidwell; William Whitford (2010). Contracts: Law
in Action I (3rd ed.). LexisNexis. ISBN 978-1-42248176-9.
B.) The UCC thus means uniform act with a goal of harmonizing state law because of the prevalence of
commercial transactions that extend beyond one state. The UCC ensures the uniformity of commercial
laws.
C.) For example, Finley has contracted to sell his car to Peter. They both want to change of the terms of
the contract. Because the UCC does not apply to the sale of a car between private parties, some new
consideration must be exchanged before the contract can be modified.
D.) www.law.cornell.edu/ucc
5.) A. Promissory Estoppel refers to “the doctrine that provides that if a party changes his or hers position
substantially either by acting or forbearing from acting in reliance upon a gratuitous promise, then that
party can enforce the promise although the essential elements of contract are not present”. Spence,
60–66.
B.) The legal principle that a promise is enforceable by law when the promisor makes a promise to the
promise who relies on it to his or hers detriment. It is intended to stop the promisor from denying that the
statements or conduct did not happen.
C.) For example, Robert tells Arthur Artist that Tyson has a contract to make a movie and wants an Artist
to paint the background scenery in return for a share of the profits. The Artist paints, and Blowhard then
admits he wanted the scenery so that he could get a movie deal which didn’t go through and hence there
was no profits to share. The Artist sues and the judge finds that Blowhard cannot deny a contract with
Artist and gave the Artist a judgment for the value of his work done.
D.) www.law.cornell.edu/wex/promissory_estoppel
