GBL 295 Lecture Notes - Lecture 12: Posting Rule, Estoppel
20 Mar 2017
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Mutual assent: parties have a meeting of the minds . Intent: parties must intend to enter into contract, objective manifestation of intent, de niteness, communication of offeree. Termination of offers: revocation, rejection, counteroffer, death of a party, destruction of subject matter. Intent to accept: generally effective upon dispatch (i. e: mailbox rule, content of acceptance, common law = mirror image rule, u. c. c. Consideration: a bargained-for exchange, a bene t/detriment to the promise and a bene t/detriment to the promissor, adequacy, prior consideration is no consideration, each party gets a bene t and each party suffers a detriment. Promissory estoppel: estopped from going back on promise, when one party suffers legal harm as a result of another"s promise. Fraud: misrepresentation of a material fact made with the intent to deceive; other party reasonably relies on the misrepresentation and suffers harm, duress. Interferes with party"s exercise of free will or ability to have a meeting of the minds : undue in uence.
