30 Sep 2015
School
Department
Course
Professor
•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