B L notes - Chapter 11 Sources of Contract law(common law for all contracts except sales and leases Sales ad lease contracts-Uniform Commerical Code

B L notes - Chapter 11 Sources of Contract law(common law...

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Chapter 11. Sources of Contract law (common law for all contracts except sales and leases. Sales ad lease contracts-Uniform Commerical Code. Function of Contract Law (Provides stability and predictability for commerce. Definition of a contract (promise or set of promises, for breach of which, the law provides a remedy , or the performance of which the law in some way recognizes as a duty.) Objective theory of contacts. (Circumstances to determine intent of parties, Objective facts include: what a party said when entering a contract, how the party acted or appeared. ELEMENTS OF A CONTRACT: Agreement, consideration-bargained for exchange, Contractual capacity. Requirements: Legality. Defenses to Enforceability: Voluntary Consent, Form( some types of contracts must be in writing. TYPES OF CONTRACTS: Bilateral (a promise for a promise) Unilateral: Offeree can accept the offer only by completeing the contract performance, offer cannot be revoked once performance has begun. FORMAL VS INFORMAL: Formal must be in writing to be enforceable, informal all other contracts. Express: words Implied: conduct creates the terms of a contract. Executed: contract is full performed on both sides. Executory: a contract that has not been full performed on either side. CONTRACT ENFORCEABILITY: Valid- agreement consideration contractual capacity and legality Void – no contract Voidable- unenforceable Plain meaning rule: couts will not admit “extrinsic (external testimony or evidence if meaning of contract terms are clear and unambigiuous. Chapter 12 Contracts agreement in traditional and e- contracts. Agreement ( offer and acceptance.) once an agreement is reached if other elements of a contract are present a valid contract is formed. REQUIREMENTS OF THE OFFER- Offeror’s serious intention (not offers, expression of opinions, statement of future intent, preliminary negotiations, advertisments,) auctions Definiteness of Terms, (identification of parties, object or subject matter of the contract, consideration to be paid, time of payment) Communication to Offeree (offeree’s knowledge of the offer) Termination of Offer- An offer may be terminated prior to acceptance by either action of the parties or by operation of law. Revocation- of the offer by the offeror offer can be withdrawn anytime before offeree accepts the offer. Irrevocable offers- courts are generally unwilling to allow revocation when offeree has changed position based on justifiable reliance on the offer. Option contract- promise to hold an offer open for a specified period of time in return of consideration. Counteroffer- rejection of original offer and the simultaneous making of a new offer. Mirror image rule- at common law any change in terms automatically terminates the offer and substitutes the counteroffer.
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  • Winter '15
  • Mr. leventhal
  • Biology, Offeree

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