Contracts I-13pp

Contracts I-13pp - Contracts I I Objective theory of K a Classic view i Each party had to come to a meeting of the minds ii Courts looked to the

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Contracts I I. Objective theory of K a. Classic view i. Each party had to come to a meeting of the minds ii. Courts looked to the subjective understanding of each party to determine, if they were in agreement there was a K if not then there was no K. b. Modern view i. RSMT 1 S 20 1. A manifestation of mutual assent by the parties to an informal K is essential to its formation and the acts by which such assent is manifested, must be done with the intent to do those acts , but neither mental assent to the promises in the K nor real or apparent intent that the promises shall be legally binding is essential. a. Intent to do those acts – if you intend to sign a K then you are bound by the K, EVEN IF you don’t know what you’re signing (Rollins) b. Mental assent to the promises in the K - 20 bishops rule c. Jokes vs. Serious promises – test is what a reasonable person in the position of the parties believes to be true. i. Look at previous relationship – business associates – Lucy v. Zehmer ii. Can you really buy a plane with Pepsi points? ii. UCC 2204 Formation in General 1. (1) A contract for sale of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of such a contract a. Conduct/performance by the parties indicates that a K has been formed. 2. (2) An agreement sufficient to constitute a K for sale may be found even tough the moment of its making is undetermined 3. (3) Even though one or more terms are left open a contract for sale does not fail for indefiniteness if the parties have intended to make a contract and there is a reasonably certain basis for giving an appropriate remedy a. Intent of the parties confirms that there is a K II. Types of Contracts a. Bilateral Contract i. Def- Each party makes an enforceable promise ii. Example: I have a wedding this weekend, I promise to pay you $20 if you promise to take notes for me n Friday 1. I’m looking for the person to promise in that moment that they will do the thing that I’m requesting. iii. Presumption of a bilateral K if in doubt, by starting performance you’re promising to perform to completion. b. Unilateral Contract i. One person makes an enforceable promise ii. Acceptance and CNS are both the performance by the other party iii. Ex: I send an email to my mom: “I’ll pay you $25 if you clean my house” 1
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1. I’m not requiring a promise in the moment; instead I’m looking for actual performance. c. Option Contract i. RSTMT 2d. 25 1. An option K is a promise which meets the requirements for the formation of a K and limits the promisor’s power to revoke an offer. a. Majority Rule- option K must have their own CNS in order to be viable b. Minority Rule – RSTMT 2d 87 i. (1) An offer is binding as an option K if it (a) is in writing and signed by the offeror, recites a purported consideration for the making of the offer, and proposes an exchange on fair terms within a reasonable time ii. K’s that are collateral to bilateral K’s and Unilateral K’s.
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This note was uploaded on 02/12/2008 for the course LAW 5121 taught by Professor Staff during the Fall '06 term at Colorado.

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Contracts I-13pp - Contracts I I Objective theory of K a Classic view i Each party had to come to a meeting of the minds ii Courts looked to the

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