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Contracts

TermDefinition
Contract A contract is a promise or a set of promises that the law will enforce.
Objective Theory of Contract The objective meaning of the outward manifestations
Elements of a Contract Offer, Acceptance, Consideration
Offer A Manifestation of a willingness to enter a bargain, so made as to justify a reasonable person that her assent is invited and will conclude the bargain
Ways to terminate an Offer Rejection or Counter-offer, Revocation: direct or indirect, Lapse, or Death or Incapacity
Option Contract A promise to keep the offer open for a stated or reasonable time, requires separate consideration
Firm Offer Option contract when 1) Offeror is a merchant 2) option is put in writing 3) NO ADDITIONAL CONSIDERATION NEEDED
Acceptance Is a manifestation of assent made in a manner invited or required by the offer
Manner of Acceptance If not otherwise indicated, acceptance may be by any manner reasonable in the circumstances
Acceptance by performance If acceptance by performance, no notification necessary (but must follow in due course)
Acceptance by Promise Requires the offeree to complete every act essential to the making of the promise.
NonDisclosure A Nondisclosure is the equivalent of an assertion where: disclosure would correct a mistake as to a basic assumption, and nondisclosure is failure to act in good faith
Acceptance by part performance or acceptance Part performance is acceptance to the offer.
Acceptance by part performance only Part performance creates an option contract
Acceptance by Silence 1) Offeree takes benefit of services, 2) Offeror has given reason to believe that silence may be a manifestation of assent (and offeree intends to accept), or 3) Previous Dealings
Acceptance w/ Changed terms(if different/additional term is a condition of acceptance, then no k on agreed upon terms.) imperfect acceptance is counteroffer
Acceptance w/ Changed terms ( if different/additional term is requested but not required, then a k on agreed upon terms only
Battle of the forms ( ucc) 1) conditional v. requested, 2) + terms are proposals; but if BOTH parties are MERCHANTS + terms are deemed accepted unless a) initial offer is expressly limited to original terms; b) additions are material; or c) offeror gives notice of objection
Mutual misunderstanding (neither has reason to know) then no assent and no k
Mutual misunderstanding (Both have reason to know) then no assent and no k
Mutual misunderstanding (One has reason to know and one does not) then Agreement on term that both know. K formed only on that part.
Indefinite terms, if terms are not reasonably certain, then no acceptance (even if offeror intends to invite assent)
Indefinite terms, if terms are reasonably certain defined as, then provides basis for determining a breach
Consideration definition a benefit conferred or promised, or forbearance n exchange for the promise
Consideration rules must be bargained for, no past consideration
promissory estoppel If a promisor makes an oral promisee that shld reasonably cause the promised to rely on it&prom- does rely, then prom- may be able to enforce promise to prevent injustice.
Condition of performance A condition is an event, not certain to occur, which must occur, unless its non-occurrence is excused, before performance is due.
Performance of a duty is subject to a condition is not due unless: i) the condition occurs; or ii) its non-occurrence is excused.
Expressed condition A condition that is explicitly stated in contract
Implied /Constructive Supplied by the Court
Example of primarily used implied condition impossibility/impractability
When, after a contract is made, a party’s performance is made impracticable without his fault by the occurrence of an event the non-occurrence of which was a basic assumption on which the contract was made, his duty is discharged.
to the extent that the non-occurrence of a condition would cause disproportionate forfeiture, a court may excuse the non-occurrence of that condition unless its occurrence was a material part of the agreed exchange.
economic duress 1) improper threat 2) object of pressure had no alternative
Unfair persuasion 1) object is dominated by persuading party or 2) by virtue of the relationship object of pressure trusts that the persuading party will not act contrary to the person being persuaded
Created by: Cam.kollar