contract slides for web part 1 10

contract slides for web part 1 10 - Elements of a Valid...

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1/31/11 Elements of a Valid Contract Agreement between the parties Reached with genuine, mutual assent Supported by consideration By parties with capacity For a legal purpose In the required form [if any]
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1/31/11 Definitions in Contract Law Unilateral v. bilateral contract D.L. Peoples Group v. Hawley , Case 13-1 Express v. implied contract Pache v. Aviation Volunteer Fire Co. , Case 13-2 DCB Construction Co. v. Central City Development , Case 13-3 Void contract
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1/31/11 Uniform Commercial Code Article 2 Article 2A Defining goods Novamedix v. NDM Acquisition Corp. , Case 21-1 Mixed transactions Between merchants
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1/31/11 Requirements of a Valid Offer Contractual intention Definiteness Communication of the offer
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1/31/11 Intent to Contract Must intend a legal obligation Objective standard applied Not an invitation to do business or negotiate See Lucy v. Zehmer , Case 14-1
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1/31/11 Definiteness Must include all essential terms See UCC 2-204(3) See Martin Delicatessen v. Schumacher See Andrus v. Dep’t of Transportation , Case 14-2
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1/31/11 Communicating the Offer Offeree must know of the offer before one is valid. Communicating an effective offer sets stage for acceptance.
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1/31/11 Termination of an Offer By action of the parties By operation of law
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1/31/11 Termination by Parties R evocation Rejection Counteroffer
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1/31/11 Revocation General rule: Any offer can be revoked. Exceptions: irrevocable offers. Option Firm offer UCC 2-205 Written, signed by a merchant, giving assurances it will stay open
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1/31/11 Rejection Rejection by offeree ends an offer. A counteroffer acts as a rejection. Distinguish between a true counteroffer and an inquiry which is not a rejection.
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1/31/11 Operation of Law Lapse of time Destruction of the subject matter Death/incompetency Supervening illegality
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1/31/11 Acceptance When valid Non-conforming goods UCC issues Meeting of the minds
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1/31/11 Silence as Acceptance General rule: can’t assume acceptance from silence. Exceptions: Statute or public policy says otherwise.
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