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Chapter 10: Forming a Contract (Elements of a Contract (Offer, Acceptance,…
Chapter 10: Forming a Contract
Elements of a Contract
Offer
Acceptance
Consideration
Legality
Capacity
Consent
Writing
Important Issues
Third Party Issues
Performance and Discharge
Remedies
Contract Defined
Is it certain that the defendant promised to do something?
IF she did promise, is it fair to make her honor her word?
If she did not promise, are there unusual reasons to hold her liable anyway?
Types of Contracts
Bilateral Vs. Unilateral
One party makes a promise Vs both parties make a promise
Express Vs. Implied
Two parties in the contract explicitly state all the terms Vs. the words and conduct of the party indicate that the parties intended to make
Executory Vs. Executed
One or more parties has not fulfilled the obligations Vs. All the parties fulfilled the obligations
Valid Vs. Unenforceable Vs. Voidable Vs. Void
satisfies the law Vs. the parties intend to for a valid bargain but some rules of law prevents enforcement Vs. when the law permits one party to terminate the agreement Vs. that neither party can enforce
Promissory Estoppel
The defendant made a promise knowing that the plaintiff would likely rely on it
The only way to avoid injustice is to enforce the promise
The plaintiff did rely on the promise
Quasi-Contract
He gave some benefit to the defendant
He reasonably expected to be paid for the benefit and the defendant knew this
The defendant would be unjustly enriched if she did not pay
Sources of Contract Law
Common Law
Uniform Commercial Code
Restatement
Agreements
Meeting the Minds
The parties can form a contract only if they had a meeting of the minds
Termination of Offers
Termination by revocations
Rejection
Counteroffer
Expiration
Destruction of subject matter
Acceptance
Mirror Image Rule
The offeree must say or do something to accept
UCC and the Battle of Forms
An offeree may include in the acceptance terms that are additional to or different from those in the offer
Communication of Acceptance
Method and manner of acceptance
Time of Acceptance
The Mailbox Rule