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Chapter 10 posting - CHAPTER 10 Contracts I Sources of...

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CHAPTER 10 Contracts I. Sources of Contract Law A. State common law B. Lex mercatoria C. Restatement (2d) D. Statutes, especially the Uniform Commercial Code II. Definition of a Contract A. Restatement (2d) B. Definition of Promise C. Binding vs. Nonbinding D. Written or Oral E. Express or Implied F. Bilateral vs. Unilateral III. The Elements of a Contract A. The Offer 1. Definition of offer 2. Offeror and offeree 3. Three requirements for effective offer 4. Preliminary negotiations as opposed to offers 5. Objective standard 6. Indefiniteness 7. Communicating the offer 8. Terminating an offer i. six means of termination ii. option contracts iii. revocation iv. lapse v. rejection - counteroffer vi. termination by operation of law vii. termination by destruction of subject matter viii. incapacity B. The Acceptance 1. Definition of acceptance 2. Three requirements for effective acceptance 3. Acceptance by exchange of promise as opposed to performance 4. Unconditional
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i. mirror image rule ii. Ardente 5. Unequivocal i. silence ii.
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