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    Contracts
    Contracts
    Contracts
    Ebook52 pages30 minutes

    Contracts

    By BarCharts, Inc.

    ()

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    About this ebook

    BarCharts, Inc was founded on our law guides created by the owner. They were designed to understand the significant details within the larger scheme of the law, as a daily refresher, and to review before the Bar Exam. Twenty five years later we keep those guides up to date for students, paralegals, and practicing lawyers to have the most handy legal reference to the most important points of the law possible in 6 laminated pages.

    Suggested uses:
    o Check list in contracting situations
    o To understand proportion and relevance
    o Quick and constant refreshers before classes and exams
    o As the last review before taking the Bar Exam
    LanguageEnglish
    PublisherBarCharts, Inc.
    Release dateMay 1, 2018
    ISBN9781423237532
    Contracts

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      Book preview

      Contracts - BarCharts, Inc.

      The Agreement Process

      OFFER

      Offeror: Person who makes the offer and now has the power to control the offer

      Offeree: Person to whom the offer is made and whom now has the power of acceptance

      Offers must:

      Be communicated

      Indicate a desire to enter into a contract

      Be directed at a person or group

      Invite acceptance

      Create understanding that if accepted, a contract now arises

      INTENT TO CONTRACT

      Expression of present intent to enter into a contract

      Intent to be legally bound to the contract

      Must be an objectively reasonable manifestation of intent to contract

      Use a reasonable standard unless one party has specific knowledge to which they can be held

      Restatement 2nd Contracts §24: Manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it

      Actual knowledge of Offeree

      Communication of offer by Offeror to Offeree

      Creates power of acceptance in Offeree

      INDEFINITENESS OF THE CONTRACT

      Even though parties have reached an agreement so that there is mutual assent, the agreement may be void if the content of the agreement is unduly uncertain

      Offer must be so definite as to its material terms, or require such definite terms in the acceptance, that the promises and the performances to be rendered are reasonably certain

      Material terms may include subject matter, price, payment terms, quantity, duration, and work to be done

      Under UCC, the only term required to be definite is quantity

      OFFERS DISTINGUISHED FROM NON-OFFERS

      Opinions

      Expressions of opinion and words of reassurance are not promises and are therefore not offers

      Reasonable person test used to distinguish opinions from offers, using circumstances and language expressed

      Advertising

      Generally, an invitation to receive offers from the public where the advertiser has an option to accept, negotiate, or reject the public’s offer to buy

      Obvious jokes in communication are not offers

      However, if language is specific enough as to price and quantity, then it could be an offer

      Inquiries and quotes

      Generally considered as invitations for an offer

      To determine if it is an inquiry or offer, examine whether there is language of commitment and whether the terms, especially quantity, are sufficiently definite

      Auctions

      Default: The item up for auction is treated as an invitation for offers to buy, which may be rejected by the seller. Thus, bidders at an auction are treated as offerors

      Exception: If the auction is without reserve, meaning the seller is making an offer to sell for any price, which can then be accepted by the buyer when presented for auction. Thus, bidders here

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