Contracts_Final_Outline - Contract is a promise or set of...

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Contract is a promise or set of promises from which the breach of which the law provides remedy or for the performance of which the law in some way recognizes as duty Formation: 1-UCC? (Promenade factor test ) Formation: 2-Offer-rejection/revocation/laps of time/supervening illegality/option contract/ firm offer/counter offer/ revival of offer/ indirect revocation 3-Acceptance-Mailbox rule/Mirror image/grumbling /UCC2-207s/ 4-Consideration; 5-Sub.Consideration 6-Defense to formation; 7-Defense to enforcement; 8- Performance; 9-Breach; 10-Remedy; 11-Qasi K UCC contracts for sale of goods are govern by Uniform Commercial code. Under UCC, specific rules of law my apply where the transaction involves one or more merchant. Merchant is a person who routinely deals with goods at issue or has specialized knowledge regarding goods at issue In order for π to prevail in his lawsuit against for Breach of Contract , he must establish that a valid contract was formed. A Valid contract must have an offer, an acceptance, and must be supported by legally sufficient consideration. Offer is a present communication from an offeror to an identified offeree conveying the immediate power of acceptance and must be definite and certain to its terms. (QTIPSN) 1-Quantity 2-Time for payment, delivery or performance 3- Identified offeree 4-Price 5- Subject matter 6- Nature of the work to be done and duration must be included. Real estate transactions require identification of land & price term Contracts for sell of goods, quantity must be certain or capable of being made certain (Requirement/output) Employment contract, duration must be certain When the parties conduct to a contract would led a reasonable prudent person at arms length to believe that they intended to be bound, the contract is binding regardless of the parties subjective or secret intent Generally, advertisements are mere invitation to bargain unless its language is certain and definite as to its terms and makes an immediate commitment to be bound upon acceptance. Option Contract is a distinct contract, which the offeree gives consideration for a promise by the offeror not to revoke an outstanding offer. Requirement/Output contracts A promise to “buy all I require” (requirement contract) or a promise to “sell I manufacture” (output contract) are not illusory because they limit the parties’ ability to purchase from other source or to sell to another source. Installment Contract is a contract, which performance is devisable into equal parts and similar items. Under UCC, a contract that authorizes or requires delivery in separate lots is an installment contract. Merchant’s Firm offer (2-205): an offer by a merchant to buy or sell goods in a singed writing that, by its terms gives assurance that it will be held open is not revocable for a lack of consideration during the time stated, or for a reasonable time if time is not stated, but never exceeding 90 days (cannot be revoked)
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Contracts_Final_Outline - Contract is a promise or set of...

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