contract slides for web part 1 10

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

Info iconThis preview shows pages 1–15. Sign up to view the full content.

View Full Document Right Arrow Icon
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]
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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
Background image of page 2
1/31/11 Uniform Commercial Code Article 2 Article 2A Defining goods Novamedix v. NDM Acquisition Corp. , Case 21-1 Mixed transactions Between merchants
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
1/31/11 Requirements of a Valid Offer Contractual intention Definiteness Communication of the offer
Background image of page 4
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
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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
Background image of page 6
1/31/11 Communicating the Offer Offeree must know of the offer before one is valid. Communicating an effective offer sets stage for acceptance.
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
1/31/11 Termination of an Offer By action of the parties By operation of law
Background image of page 8
1/31/11 Termination by Parties R evocation Rejection Counteroffer
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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
Background image of page 10
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.
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
1/31/11 Operation of Law Lapse of time Destruction of the subject matter Death/incompetency Supervening illegality
Background image of page 12
1/31/11 Acceptance When valid Non-conforming goods UCC issues Meeting of the minds
Background image of page 13

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Silence as Acceptance General rule: can’t assume acceptance from silence. Exceptions:
Background image of page 14
Image of page 15
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/30/2011 for the course AEM 2300 taught by Professor Lee,d.r. during the Fall '06 term at Cornell.

Page1 / 47

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

This preview shows document pages 1 - 15. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online