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Contracts Outline 4.docx - CONTRACTS OUTLINE I.CONTRACT...

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CONTRACTS OUTLINEI.CONTRACTRULE OF LAW: A contract is a promise of set of promises for the breach of which the law gives a remedy orthe performance of which the law in some way recognizes as a duty1.Oral or written agreement between two or more persons2.An exchange in relationship3.At least one promise4.Enforceability-Elements of a Contract1.Meeting of the minds (objective approach as to what a reasonable person would consider mutualassent and a formed contract)2.Offer and acceptance3.Consideration4.Performance or delivery5.Good faith6.No violation of public policy-Unilateral Contract: when a promise is given in exchange for a future act (ex. Reward)-Acceptance through performance. Only one party comes under an obligation-There is never mutuality obligation because at no point is the offeree bound to perform-Used often when one party is not unknown ex lost dog-Bilateral Contract: the exchange of a promise for a promise with each promise serving as consideration for theother-An offer looking to a bi-lateral contract may be accepted by an express promise or an implied promiseII. OFFER AND ACCEPTANCE1.OFFERRULE OF LAW: a manifestation of willingness to enter into a bargain so as to justify anotherperson in understanding that his assent to that bargain is invited and will conclude it.-Elements:1)Must be communicated2)Indicate desire to K3)Directed at a person or group
4)Invite acceptance5)Upon acceptance a K will arise w/o any further approval required-Promise:a manifestation of intent that gives an assurance that a thing will be done or will not be done-Counteroffer: treated as a rejection of original offer and creation of a new offerRestatement 2d §36 lists fivepossibilities under which an offer is terminated(1) The offeree rejects the offer or makes a counteroffer(2) At the time specified in the contract, or, failing that, at the end of a reasonable time(3) If the offeror revokes the offer(4) If the offeror dies or becomes incapacitated(5) If the terms of the offer include a condition for acceptance that has not yet occurred.-Advertisements, catalogs, and circular letters for the sale of goods are not ordinarily considered to beoffers because they do not contain express language of promise and do not spell out quantity and term.A COURT CAN NEVER FILL IN QUANTITY-Mirror Image Rule:1.(1)Restatement 2d §59 states: “A reply to an offer which purports to accept it but isconditional on the offeror’s assent to terms additional to or different from those offered isnot an acceptance but is a counteroffer.”2.(2)Restatement 2d §61 states an “acceptance request[ing] a change or addition to the termsof the offer” is not invalid “unless the acceptance is made to depend on an assent” to the newterms.

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