contract_slides_for_web_07_part_1_Presentaiton

contract_slides_for_web_07_part_1_Presentaiton - Elements...

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Elements of a Valid Contract Agreement between the parties Reached with genuine, mutual assent Supported by consideration For a legal purpose By parties with capacity In the required form [if any]
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Definitions in contract law express v. implied contract Fox v. Mountain West Electric, Inc. Case 9-1, text at 165 void contract voidable contract unenforceable contract
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Uniform Commercial Code Text Appendix B (9-34) Article 2 sale of goods Article 2A leases of goods Defining goods Mixed transactions Between merchants Dealing in good faith
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Requirements of a valid offer Contractual intention Definiteness Communication of the offer
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Intent to Contract Must intend a legal obligation Objective standard applied See Catamount Slate Products, Inc. v. Sheldon , Case 10-1, text at 181 Not an invitation to do business or negotiate See Lefkowitz v Great Minneapolis Surplus Store , Case 10-2, text at 183 See Steinberg v. Chicago Medical School , Case 9-2, text at 167
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Definiteness Must include all essential terms See UCC 2-204(3) See Martin Delicatessen v. Schumacher
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Communicating the Offer Offeree must know of the offer before one is valid. Usually not a problem but note reward situation. Communicating an effective offer sets stage for acceptance but opportunity or right to accept not infinite.
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Termination of an offer By operation of law By action of the parties
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Operation of Law Lapse of time Destruction of the subject matter Death/incompetency Supervening illegality
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Termination by Parties R evocation Rejection Counteroffer
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Revocation General rule: Any offer can be revoked. Exceptions: irrevocable offers. Option Firm offer » UCC 2-205 » Written, signed by a merchant, giving assurances it will stay open
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Rejection Rejection by offeree ends an offer. Once rejected, can’t later accept even if an option or firm offer otherwise still open. A counteroffer acts as a rejection Distinguish between a true counteroffer and an inquiry which is not a rejection.
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Counteroffer The common law used a “mirror image” rule. Battle of the forms problem. UCC 2-207
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UCC 2-207 Applies where there are additional terms in the offeree’s response. Is there a reasonable expression of
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This note was uploaded on 02/20/2009 for the course AEM 3200 taught by Professor Grossman,d. during the Fall '07 term at Cornell University (Engineering School).

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contract_slides_for_web_07_part_1_Presentaiton - Elements...

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