{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

CONTRACT OUTLINE - I MUTUAL ASSENT A Mutual assent is a...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
I MUTUAL ASSENT: A. Mutual assent is a 2-way manifold, whereby both parties conduct manifests intent to be bound to a contract B. M.A. is determined by the objective theory of contracts : would a reasonable person in the position of the other party think that the 1 st party’s objective manifestation of intent was binding? C. Performance is a good indicator of mutual assent D. Words and actions, circumstances, evidence intent to be bound E. Parties must express a “meeting of the minds” II THE OFFER : A. An offer gives the offeree a power to accept and the offeror a liability to follow through B. There must be a reasonable expectation that the offeror is willing to enter into the K based on the terms C. 3 questions to ask: 1. Was there an expression of a promise, undertaking, or commitment ? 2. Was there certainty and definiteness in the essential terms? 3. Was there sufficient communication of the terms to the offeree? D. There must be a promise, undertaking, or commitment to enter into a K rather than just an invitation to begin preliminary negotiations a. This can be evidenced by the parties language : technical language (i.e. “I offer you/I promise”) will usually evidence a K. Other language such a mere quotes or “I am asking for” may not (unless backed up by other language) b. The surrounding circumstances may evidence the formation of an offer: was the offer made in jest, while drunk, etc… Even if so, if the offeree reasonably understood the offer to be real, it might be enforced c. Prior relationships of the parties might also evidence an offer E. Advertisements, catalogues, etc. are usually mere invitations to offers. They announce the price at which the seller is willing to receive offers. However , if the language of the ad is definite and certain enough, it may evidence that a promise exists and thus an offer
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
III ACCEPTANCE : -Golden rules: the offeror can specify how the offer is to be accepted and the offeror can w/draw the offer at any time before the offeree has communicated acceptance A. A voluntary act of the offeree whereby he exercises the power conferred upon him by the offeror, and thereby creates the set of legal relations called a contract B. General elements to acceptance: 1) Must manifest intent to be bound to the promise 2) Must manifest assent to be bound by the offeror’s terms 3) Must manifest assent in the manner that is sought or required by the offeror C. Identify if the offer is for a bilateral or unilateral promise: a. Bilateral : whereby the offeror is seeking a return promise or commitment to perform (ill promise this if u promise that) b. Unilateral : Whereby the offeror seeks a return performance instead of a return promise (ill be bound if u perform…) D. Acceptance of a Bilateral offer: 1.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern