Contracts Outline by Prof. Wears

Contracts Outline by Prof. Wears - LW270 Law Society I M W...

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John Exley, ID: 0160294, 10.06.08 IS THERE A CONTRACT? I. Is there a valid offer? A. Offer 1. Intent a. objectively determined b. present c. clear 2. Definiteness a. all elements of agreement b. sufficiently clear so that what was promised can be determined 3. Communication a. to the offeree b. effective when received B. The offer is still valid if it has not: 1. Been terminated by its own time limit 2. Lapsed. 3. Been revoked a. Offer may be revoked anytime before acceptance b. Revocation must be clear and actually communicated c. Three exceptions: 1) Option contract which grants an irrevocable offer in exchange for consideration . 2) Detrimental reliance. 3) Firm offer. 1
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John Exley, ID: 0160294, 10.06.08 4. Been rejected a. Intent b. Actually communicated 5. Been subject to a counteroffer a. Rejection b. New offer c. Effective when actually communicated 6. Been terminated by operation of law due to: a. death or insanity of either party b. destruction of subject matter c. intervening illegality II. Is there a valid acceptance? A. Acceptance 1. Intent a. Objective b. Indication of willingness to enter into an agreement 2. Exact a. Mirror image rule b. No material changes from the offer 3. Communicated a. Acceptance is effective on dispatch by the same or faster means as the offer was communicated. 1) mailbox rule 2) effective when dispatched 2
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John Exley, ID: 0160294, 10.06.08 b. In the stipulated manner as spelled out in the offer in which case the acceptance is effective only when dispatched by the authorized means c. By an unauthorized means 1) mistake 2) effective when received III. Is there valid consideration A. Definition 1. A legally valuable promise, act or forbearance 2. Given in exchange for 3. A legally valuable promise, act or forbearance B. Examples that do not fit the definition of consideration 1. Pre-existing duty 2. Past consideration 3. Moral obligations 4. Illusory promise C. Circumstances where it is difficult to see the consideration 1. Output and requirements contracts 2. Accord and satisfaction 3. Release 4. Covenant not to sue D. Exceptions--circumstances when no consideration is required to support the promise 1. Promises to pay debts barred by the statute of limitations 2. Promises to pay debts discharged by bankruptcy 3. Detrimental reliance 3
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Contracts Outline by Prof. Wears - LW270 Law Society I M W...

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