LW 221- Final Exam Guide - Comprehensive Notes for the exam ( 29 pages long!)
Document Summary
Meeting of the minds (objective theory of contracts) (**see lw 221 course supplement as well) (12-1) Provide a clear statement of this black letter law. The objective theory of contracts provide that it is the outward signs of a person"s intent to enter into a contract which determines whether a contract has been entered into. This is determined on the basis of a reasonable person (objective standard) and not the basis of the undisclosed (subjective) intent of the parties. Statements that usually do not amount to offers. Provide a clear statement of this black letter law: an invitation to bargain is not an offer. Provide a clear statement of this black letter law: a price quote is generally not an offer. Letters of intent- a letter of intent is a letter that summarizes negotiating progress. Provide a clear statement of this black letter law: usually, letters of intent do not create any legal obligation.
