Please enable JavaScript.

Coggle requires JavaScript to display documents.

Contracts (Formation (Express (Formed by language, oral or written),…

- - - - 3 Termination
        
        By act of Parties
        
        By Operation of Law
      - 2 Acceptance
        
        Who
        
        Knowledge
        
        Acceptance - Unilateral Contract
        
        Acceptance- Bilateral Contract
        
        Acceptance - Article 2
      - 1 Offer
        
        c. Communication to the Offeree
        
        Proposal must be communicated to Offeree
        
        Offeree must have knowledge of the offer
        
        b. Definite and Certain Terms
        
        General Inquiry- Whether enough of the essential terms have been provided so that a contract including them would be capable of being enforced.
        
        Identity of the offeree, the subject matter, and the price
        
        A promise generally will be enforceable even if it does not spell out every material term, as long as it contains some objective standard for the court to use to supply the missing terms.
        
        Identification of the Offeree
        
        A statement must sufficiently identify the offeree or class to which she belongs to justify the inference that the offeror intended to create a power of acceptance
        
        Definiteness of Subject Matter
        
        Subject matter of the deal must be certain, because a Ct. can only enforce a promise if it can tell with reasonable accuracy what the promise is.
        
        Missing Terms
        
        1 more item...
        
        Requirements of Specific Types of Contracts
        
        3 more items...
        
        Vague Terms
        
        Terms to be agreed on later
        
        a. Promise, undertaking, or commitment
        
        Language
        
        May show that an offer was or was not intended
        
        Contemplating an invitation to deal, preliminary negotiations, or "feelers" - to show there is not an offer. i.e.: "I quote" "I am asking for" "I would consider selling"
        
        Technical language such as "I offer" , "I promise" - useful to show an offer was made. (not necessary though)
        
        Surrounding Circumstances
        
        Considered by Cts. - e.g. Statement made in jest, anger, way of bragging generally not an offer.
        
        Language subjectively intended to be in jest but reasonably understood by the hearer to have been made seriously ... The latter is an offer because it is interpreted objectively (according to a person's expectations)
        
        Prior Practice and Relationship of the Parties
        
        Method of Communication
        
        Advertisements, catalogs, circular letters that contain quotations are usually construed as invitations for offers. Announcements of prices that the seller is willing to receive offers.
        
        Price quotations can be seen as an offers if given in response to an inquiry..
        
        Cts. have treated offers as advertisements in certain situations where the language can be construed as containing a promise, the terms are certain and definite, and the offeree(s) is clearly identified.
        
        Typically are indefinite as to quantity and other terms, and addressed to general public.
        
        Broad Communication Media - Broader the media is (e.g. publications) Cts. are more likely to view the communication as merely the solicitation of an offer. Exception: Rewards offers
        
        Industry Custom
        
        Cts. will look to generally accepted custom in the industry in determining whether the proposal qualifies as an offer.
- - - - Promise for Promise
        
        Each party is both a promisee and promisor
  - - - Offeror requests performance
        
        Offeror/promisor promises to pay upon completion of the requested act by the promisee. Once act is complete, a contract is formed.