Contract_1

Contract_1 - CONTRACT CONTRACT Nature and Formation of...

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CONTRACT CONTRACT Nature and Formation of Nature and Formation of Contracts Contracts Ver. 08/ 2010
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CONTENT Nature of Contract Contract Formation Terms and Conditions of Contract Invalid Contract Remedies
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Nature of Contract 1. Definition: “A Contract is a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.” “In law, a contract is a binding legal agreement that is enforceable in a court of law . That is to say, a contract is an exchange of promises for the breach of which the law will provide a remedy.” “Civil contract means an agreement between parties in relation to the establishment, modification or termination of civil rights and obligations.” (Article 388 Civil Code)
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Contract Formation A. Mutual Assent to a bargain 1. Offer: a communication that creates in the offeree the power to form a contract by an appropriate acceptance: - A manifestation of Assent to be presently legally bound. - Sufficiently definite as to terms or empower other person to specify terms to clear up any uncertainties. The required terms of offer: - subject matter; -Pr ice;
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Contract Formation 1. Offer Required terms of offer Notes: - The essential terms will vary from transaction to transaction. - The terms are reasonable certain if they provide a basis for determining the existence of a breach and for giving an appropriate remedy.
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1. Offer: Advertisement: seledom manifest an intention to be bound Some specific circumstance “Buy one, have two” “Sell off 50% at the golden time (17.30) on November 10, 2010.” Advertisements that promise a reward for a certain act can be found to be offers. Mass mailing?
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Contract_1 - CONTRACT CONTRACT Nature and Formation of...

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