LGST 101 Lecture 2: Dec. 2 Class Notes

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Martin case and Brown case go together
After graham case- use objective standard of what would the average officer in his
position do
Contract law- determines what promises the law will enforce
Uniform commercial code- model code consisting of numerous artiles which deal with
diff areas of commercial law
Objective theory of contract law- words are held to mean whatever a reasonable preson in
the officers position would think
Primossory estoppel- when a promise reasonabley induces another person to change
position …
Auctino with reserve= auctioneer may withdraw bid and seller can withdraw bid at any
time
Firm offer-merchant offeror makes a written offer to sell goods, with assurance that offer
will be held open
Lapse of time = recovaction- an offer will stay open until it is either accepted or until one
of the fooling occurrences terminates it
Preliminary negotiations- if a communication does not create in the mind of a reasonable
person in the position fo the offeree an expectation that his acceptance will conclude a
contract
Definiteness of terms- contracts identification of parties, consideration to be paid,
identification of the object or subject matter, etc
Offerors limited in their
Rejection- clear intent not to accept the offer or consideration teh offer further
Conditional acceptance- acceptance of offer contingent upon acceptance of an additional
or different term
Mirror image, and positive, unequivocal
An acceptance is dispatched via authorized means of communication its is an effective
dispatch- mailbox rule
Unilateral offer- Notice of acceptance to offere is usually not requird
Offer, acceptance, consideration- basic ingredients of a contract
Rejection and counteroffer- 2 diff kinds of communications by the offeree that terminate
the offer
Announcement containing a definite promse of something in exchange for something
else, that confers power of acceptance
Option contract- Contract by whith cth eofferor is bound to hold open an offer for a
speciicc period of time
Battle of the forms- An offeree’s diff or add terms become part of a contract
Duress- Wrongful act or threat that overcomes the free will fo the party
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