Chapter_11_Contract_Formation_post

Chapter_11_Contract_Formation_post - Chapter 11 Contract...

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Page 1 Chapter 11 Contract Formation Contracts is about Duty of promise keeping How will the courts assist one party when the other fails to live up to a promise? What Is A Contract? A promise or set of promises for the breach of which the law provides a remedy, or the performance of which the law recognizes as a duty
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Page 2 Elements of a Contract 1. Agreement Offer Acceptance 2. Consideration 3. Capacity Contracts of minors are voidable 4. Legal subject matter Types Of Contract Bilateral v Unilateral Ardito v. City of Providence (p. 318) Formal v. Informal (319) Express v. Implied (320) Executory v. Executed (320) Agreement: Offer Intent to create legal obligation Lucy v. Zehmer (323) Definiteness of offer Communication of offer
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Page 3 Agreement: Who Is Who? Offeror: person making offer Offeree: person to whom offer made Termination Of The Offer 1) Revocation 2) Rejection or counteroffer 3) Operation of law E.G., Lapse of time, destruction of subject,
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This note was uploaded on 09/20/2011 for the course 06J 047 taught by Professor Staff during the Spring '08 term at University of Iowa.

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Chapter_11_Contract_Formation_post - Chapter 11 Contract...

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