Synthesized Rules
Manifested through an offer or acceptance. Parties’ intent to be legally bound and conduct that objectively manifests agreement are key to forming a binding contract, regardless of subjective intent.
Mutual Assent
A clear and definite leaving nothing upon for further negotiation by conferring the power of acceptance onto the offeree.
Offer
Exchange of a promise for performance. Completing a performance gives a message that you intend to accept.
Unilateral Contract
You receive a magazine offering you points for various prizes, the biggest prize being a mansion in England. What is the magazine's best argument for not delivering the mansion?
Objective Intent ( a reasonable person could tell that no offer was intended and the alleged contract was void because it was for goods in excess of $ 500.00 and not in writing )
All things which are movable at the time of identification of the contract for sale other than money in which the price is to be paid, investment securities and things in action.
Goods. Article 2-105.
An offer made by the offeree relating to the same matter as the original offer but proposing different terms, and it generally terminates the original offer unless the offeror indicates otherwise
CounterOffer
Manifestation of assent of terms made by offeree by manners that are invited by or required by offer
Acceptance
Exchange for a promise for a promise or performance for a performance.
Bilateral Contract
In her New Years Day toast your grandma looks at you and says "Grandson, I will give you $10,000 on your 21st birthday, if you continue to go to church every Sunday." Is this an enforceable contact?
Yes
A contract for a sole of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of such a contract.
An agreement sufficient to constitute a contract for sale may be found even though the moment of its making is undetermined.
Formation of a Contract. Article 2-204.
Acceptance of an offer must manifest assent to the terms in the manner prescribed or invited by the offeror; if the offeror specifies that acceptance must be communicated through a specific medium, failure to follow can prevent acceptance from being effective.
Mailbox Rule
the benefit you gain from signing a contract (part of consideration) Persuading someone to change their position toward the benefit or detriment
Inducement
A promise which meets the requirements for the formation of a contract and limits the promisor’s power to revoke an offer.
Optional Contract
You are a subcontractor entering into a bid to build a playground. You obtain metal from PLAYGROUNDCO. offering it for free as long as you come to pick it up. 4 months later the monkey bars you built fall apart due to rusted metal. You find out the metal you obtained had been painted over, underneath the paint was years of rust built-up. These are the issues discussed for the best case against PLAYGROUNDCO. (4)
- Consideration
- Gift
- Illusory Promise
- Benefit/ Detriment
Rejection of goods must be within a reasonable time after their delivery or tender. It is ineffective unless the buyer seasonably notifies the seller.
Rightful Rejection. Article 2-602.
Where an offer is made by general notification to the public or to a number of persons unknown to the offeror, the offeree's power of acceptance is terminated when a notice of termination, equal to the offer, is given publicly.
Revocation of an Offer
An agreement to exchange promises or to exchange a promise for a performance or to exchange performance.
Type of contract in which the terms and conditions are enclosed with a product, typically software, and the buyer is deemed to have accepted them by opening or using the product.
ShrinkWrap Agreement
The company you work for offers a $400,000 bonus for a certain sales target each year. You hit that sales target but only receive $100,000. After mentioning it to your boss, you are then demoted. You move to sue your company, this is the best issue to look into for you case.
- Mutual Assent
-Manifestation of Mutual Assent
A person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill.
Merchant. Article 2-104.
Acceptance of an offer requires a manifestation of assent to the terms of the offer in the manner invited or required. Acceptance may be by promise or performance and must be communicated and must not vary the terms of the offer. Silence or inaction generally does not constitute acceptance unless circumstances or prior dealings indicate otherwise.
Mirror Image Rule (Acceptance)
Involves a bargained-for exchange where the promise and the return performance, or promise, mutually induce each other. Bargained for exchange. Benefit for promisor AND/OR detriment to promisee
Consideration
Type of contract where terms and conditions are posted on a website, and users are deemed to have accepted them simply by using the site, often without having to explicitly click to agree.
BrowseWrap Agreement
You are offered a new job in 2016 where you are told in the interview "you will receive $30,000 for your first year, $40,000 your second year, and a $5,000 raise every year after." You later receive an email with the It is now 2024 and your annual salary has been $60,000 since 2012. You move to bring a breach of contract suit against your employer, what is the issue you will bring forward?
Statute of Frauds
(consider whether the contact calls for more than a year? were the terms placed in writing? Were there essential terms in the writing? Was there a signature by the offeror?) A signature might not always be required if there is significant consideration in the writings.
An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open is not revocable, for the lack of consideration, during the time stated or if no time is stated for a reasonable time, but no event may such period of irrevocability exceed three months.
Firm Offer. Article 2-205.
Trying to create a bilateral contract, i agree to sell the goods if you agree to buy the goods