BSLW6604 Lecture 6: Elements of Contract Law

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Contract Law
1. Definition
a. An agreement between two or more parties which creates an obligation to do or not to do
a particular thing
b. Promise or set of promises for the breach of which the law gives a remedy, or the
performance of which the law in some way recognizes as a duty
c. Voluntary promise or a set of promises that a court will enforce, that can be oral or
written
2. Three Sources of Contract Law
a. Common Law: court decisions
b. Restatement of Contracts
i. American Law Institute (ALI) organized and summarized the common law
concerning contracts
c. Uniform Commercial Code (UCC)
i. One of a number of uniform acts that have been promulgated in conjunction with
efforts to harmonize the law of sales and other commercial transactions in all 50
states
1. Primarily for sale of goods (not land or services)
3. Five Requirements
a. Offer
i. Definition
1. A demonstration of a desire to enter an agreement and represents the first
volley in the formation process (A conditional promise to do or refrain
from doing something in the future)
2. Includes: parties involved, subject matter, time and place, and price to be
paid
3. Different Types
a. Bilateral contact: pair of promises creates power of acceptance
b. Unilateral Contract
i. A contract in which the offeree accepts by performance
rather than a promise
ii. If you do something, then I’ll pay you
c. Option Contact: remain open for a stated period of time
4. Not Considered as offers
a. Expressions of opinion
b. Statement of intentions
c. Preliminary negotiations
d. Agreements to agree
e. Advertisements
b. Acceptance
i. Definition
1. Manifestation of assent to the terms of an offer, made by the offeree, in a
manner invited or required (Mutual assent)
ii. Indefiniteness
1. If the terms of an agreement are not sufficiently definite or reasonably
certain, the contract fails
2. Courts may sever part of an agreement but enforce other parts
iii. Reasonableness of communication
1. Communication method matters for purpose of acceptance (Transactions
should have proof)
iv. Terminating the Offer: Revocation and Rejection
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