contract_slides_for_web_08_part_1

contract_slides_for_web_08_part_1 - Elements of a Valid...

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Elements of a Valid Contract Agreement between the parties Reached with genuine, mutual assent Supported by consideration By parties with capacity For a legal purpose In the required form [if any]
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Definitions in Contract Law Unilateral v. bilateral contract D.L. Peoples Group v. Hawley , Case 13- 1 Express v. implied contract Pache v. Aviation Volunteer Fire Co. , Case 13-2 DCB Construction Co. v. Central City Development , Case 13-3 Void contract Voidable contract Unenforceable contract
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Uniform Commercial Code Text Appendix B (9-34) Article 2 Article 2A Defining goods Novamedix v. NDM Acquisition Corp. , Case 21-1 Mixed transactions Between merchants DeWeldon Ltd. v. McKean , Case 21-2 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 Not an invitation to do business or negotiate See Lucy v. Zehmer , Case 14-1
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Definiteness Must include all essential terms See UCC 2-204(3) See Martin Delicatessen v. Schumacher See Andrus v. Dep’t of Transportation , Case 14-2
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Communicating the Offer Offeree must know of the offer before one is valid. Communicating an effective offer sets stage for acceptance.
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Termination of an Offer By action of the parties By operation of law
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Termination by Parties R evocation Rejection Counteroffer
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Revocation General rule: Any offer can be revoked.
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