Gbs 205

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1. The difference between a void contract and a voidable contract is that a void contract is usually in most cases and agreement to do something illegal. An example would be an agreement between two people to exchange money for drugs. A voidable contract on the other hand is a contract that can be unenforceable because one of the party’s is not of age. An example would be one an agreement between two people that can be broken because of the fact that one of the party’s is not of age.

2. In order for an offer to be valid it must include the following elements the offer, acceptance, consideration, defenses, and writing required. An offer can be terminated by revocation, this occurs before the offeree accepts the agreement, only then can an offer be terminated by revocation. An offer can also be terminated by rejection this happens when the offer carries no legal binding and the oferee is free to accept or decline.

3. Those who wrote the UVV understood that a counteroffer is sometimes needed when doing business. Two rules apply for modification; one of them governs merchants and the other non-merchant transactions.

4. In order for an acceptance to be valid it must be communicated to the offeror using proper method of communication. The mailbox rule is a timing rule in a contract acceptance that seals the deal upon mailing the acceptance if it is done properly.

5. Most sellers use click on, click through or click wrap agreements that list the terms and conditions that the buyer has to agree in order to purchase goods from the seller. This is done to protect both buyer and seller from possible lawsuits.

6. If the contact is not fulfilled and there is still a valid contract, the non-breaking party can recover damages. This is known as compensatory damages. In addition the no breaching party can collect incidental damages, these damages are mostly expenses used to fulfill the contract. At times parties will agree on amounts of moneys they...
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