Contracts Highlights.docx - Contracts Highlights 1 Looking...

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Contracts Highlights 1. Looking at law we are focusing on Anglo-American Business Law 2. (Please review the glossaries – they really help) 3. We are spending two sessions on Contracts broken down into: a. Mutual Agreement b. Consideration c. Contracts: Capacity, Reality of Consent d. Contracts: Legality, Form e. Contracts: Performance, Remedies f. Contracts: UCC: Article 2 Sales 4. We covered Mutual Agreement , Consideration, and Capacity, Reality of Consent 5. Mutual Agreement (please review the differences between valid, void, voidable and unenforceable contracts) a. The common law requires three elements for an effective offer: i. Contractual Intent 1. Social Invitations (Jacklovich) 2. Offers Made in Jest or Excitement ( Lucy v. Zehmer ) and Pepsi Harrier Jet 3. Stickers are Invitations to Negotiate ii. Definite and Certain iii. Communicated to Offeree b. You can terminate an offer prior to acceptance by i. Counter-Offer ii. Revocation iii. Rejection iv. Lapse of Time v. Death or Disability vi. Subsequent Illegality c. Acceptance must be Absolute and Unconditional (“Mirror Image Rule”) and Must be Communicated to the Offeree 6. Beyond mutual agreement, to have a contract there must be consideration to support a contract (each side must promise to give or do something for the other, such as money for goods.) a. Some of the more common problems that are seen in consideration are: i. Past Consideration ii. Pre-existing duty iii. Rewards (you have to know about the reward before your can accept it) 1
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iv. Adequacy of the Consideration (courts generally do not look at this unless you bring it up as a defense – e.g. “I was defrauded” or “I was drunk” or as in Lucy v. Zehmer .) v. Promises to make a gift are generally not enforceable unless it is to a
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