LibGuides: Legal Environment for Business: Contract Law

Offers

Puffery - an exaggeration that no reasonable person would take seriously

Tropicana Ad is Puffery
From the ASRC: "NAD Determines Tropicana Ad is Puffery Following Campbell Challenge"
Who's got the 'best stuff'?
"Dallas-based Pizza Hut, the nation's largest pizza chain, says it has waged a two-year battle against Papa John's to uphold truth-in-advertising."

Genuine Assets - Mistakes

Rasmusen, Eric. and Ian Ayres, Mutual and Unilateral Mistake in Contract Law.
When mistakes are made, it depends on many factors as to if that contract can be voided or not.

Capacity - Minors

Bank of America allegedly withdrew money from child entertainers' bank accounts, according to a recent class action lawsuit.

According to the complaint, Bank of America charged child actors' Coogan Accounts (aka Blocked Trust Accounts or Trust Accounts) monthly service fees, which is illegal.

Child Actors Sue Bank of America
Child Actors Sue Bank of America, ABC News, 2012

Revocation or Rejection

Canceling a Contract
From the Georgia Governor's Office of Consumer Protection
Breach of Contract
Photographer sued for breach of contract, fraud and concealment, and negligent infliction of emotional distress.
Breach of contract and negligence
Mr. Thwaytes alleged that Sotheby's failed adequately to research a painting and failed to notice certain features of it that should have indicated to them that it had "Caravaggio potential."