Contracts Final Outline (1).docx - Chapter One Introduction What is a contract(K 2nd Rest of Contracts 1 o A contract is a promise or set of promises

Contracts Final Outline (1).docx - Chapter One Introduction...

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Chapter One: IntroductionWhat is a contract (“K”)?
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In a manner invited or required by the offerWho decides who can accept?The offerorDifference between Bilateral and Unilateral?Accept by promising to perform- bilateralAccept by doing the thing asked forGeneral Rule: Silence is not acceptanceExceptions:oTaking benefit of services andOpportunity to reject PLUSKnowing other party expects payoOffer asked for silence and offeree intended to accept by being silentoPast dealings require offeree to notify if silence isn’t acceptanceoOfferee acts inconsistent with offeror’s ownershipChecklist of Ways to Terminate the power to acceptLapseDeath IncapacityRejectionCounter-offerRevocationOption contractOffers time to hold the offer open for a longer period of time for money (option contracts are irrevocable)Brooklyn Bridge HypoOld Rule The offeror of a unilateral contract may withdraw the offer any time before theofferee has completed the requested performance.Rationale for Old Ruleo
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  • Fall '06
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