Contracts Flow Chrt

Contracts Flow Chrt - 1 Note whether this transaction is...

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Is there a contract? 1. Note whether this transaction is governed by UCC or the Restatement . 2. Does the Statute of Frauds apply? The contract must be in writing if it is in regard to land , if by its nature it takes more than one year to perform , or if it is in regard to goods of greater than $500 value . Was there an Offer? Were the terms specific? Did the offer indicate the party’s intent to be bound? Was there an Acceptance? Was there acceptance to exact terms of the offer pursuant to mirror image rule? If not, can UCC 2.207 or the parties’ performance be used to imply a contract? Was the acceptance made according to offer’s to instructions (note silence can never be acceptance)? Was the acceptance made within time specified? Does the mailbox rule apply? No No No contract Yes No Was there reliance so that §90 Promissory Estoppel applies? Was there benefit conferred? No Was there Consideration? Was there legal detriment? Are all of the material terms agreed on? THERE IS AN ENFORCEABLE CONTRACT What are Material Terms? Unilateral or Bilateral? Was there an outright breach or is it another problem? Were parties far enough in negotiations to implicate a contract to negotiate in Good Faith? Was such a contract explicit?
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This note was uploaded on 08/28/2008 for the course LAW 421 taught by Professor Sokolow during the Spring '07 term at University of Texas.

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Contracts Flow Chrt - 1 Note whether this transaction is...

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