LEGL-210 Lecture 20: LEGAL 210 BRIEF OVERVIEW NOTES

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turquoisebeetle49

3 Mar 2017

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Definition of a contract: a voluntary exchange of promises creating obligations. Consideration: there must be a commitment by each party to do something. The price one is willing to pay to participate. Capacity: parties must be legally capable of understanding. (minor?) Intention: both parties must be serious that legally enforceable obligations are the result. A tentative (not certain; fixed) promise that must include all important terms. A contract is formed as a result of accepting an offer. Making an offer to the world at large; an expression of willingness to negotiate. A person (cid:373)aki(cid:374)g a(cid:374) i(cid:374)(cid:448)itatio(cid:374) to treat does not i(cid:374)te(cid:374)d to (cid:271)e (cid:271)ou(cid:374)d as soo(cid:374) as it"s a(cid:272)(cid:272)epted. The unqualified willingness to enter into a contract on the terms agreed upon. A promise made without consideration and is usually unenforceable, it may be made enforceable under estoppel. (cid:862)past consideration is no consideration(cid:863) When the act is done before the promise.

Related Questions

TRUE or FALSE

1.The UCC requires application of the "mirror image" rule in cases where contracts for the sale of goods are made by exchanging forms.

2.A contract generally comes into existence and becomes binding at the moment the parties have reached an agreement on all material provisions, although they may intend to later write down the terms of the agreement.

3.An acceptance must be in writing.

4.If an authorized means of acceptance is expressly present, any attempt by the offeror to accept by a non-authorized means is effective upon dispatch.

5.A bilateral contract is a promise for a promise.

6. If one or both parties to a form contract are non-merchants, the additional terms proposed by one of the parties are treated as:

	a.	revocation.
	b.	void.
	c.	expressly conditional.
	d.	proposals for addition to the contract.

7. Under the UCC Rule 2-207 for the sale of goods when a contract is made by the exchange of forms, when the acceptance form has terms additional to or different from the offer:

	a.	a contract can result but the differing terms may not be part of the contract.
	b.	no contract will result because the acceptance form will not be considered as a counter-offer.
	c.	a contract can result and the differing terms must be included as part of the contract.
	d.	no contract will result because the acceptance form will be considered as a counter-offer and thus an implicit rejection of the offer.

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LEGL-210 Lecture 20: LEGAL 210 BRIEF OVERVIEW NOTES

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