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Creation of Contract Mutual Assent (Distinguish Vague Terms (Vagueness Can…
Creation of Contract Mutual Assent
The Offer
Language
Surrounding circumstances
Prior Practice and Relationship of the Parties
Method of Communication
Use of Broad Communications Media
Industry Customs
Advertisements
Definite and Certain Terms
Terms capable of being enforced
Identification of Offeree
Definiteness of Subject Matter
Real Estate - Land and Price terms required
Sale of Goods - Quantity Term Required
Requirements and Output K's
Quantity Cannot be unreasonably Disproportionate
Established Business v New Business
Reasonable Range of Choices
Employment and Other Services
Missing terms do not prevent the formation of K.
Price
Article 2 Gap Filler
Reasonable Price if:
Nothing is said to price
The price is left to be agreed and parties fail to agree
The price is to be fixed by some external factor
Price must be fixed in good faith 2-305
Time: Must be within a reasonable time
Distinguish Vague Terms
Vagueness Can be Cured by Part Performance
Uncertainty Can be cured by Acceptance
Focus on Contract
Court will supply reasonable terms for terms agreed on later
Oferee must have knowledge of offer