Contract Formation

Question 1

Is there a contract?

Answer 1

A contract is an enforceable legal agreement created through mutual assent and consideration and when NO valid defenses to contract exist. And the Statute of Frauds is satisfied.

Question 2

Is there mutual assent?

Answer 2

Mutual assent occurs upon one party’s acceptance of the other party’s offer to contract.

Question 3

Is there an valid offer?

Answer 3

1. The objective Test applies to see if there offeror has an objectively serious intent to be bound by his offer.
2. Specific Offer- Under CL, the offer has all essential terms. Under the UCC, only quantity needs to be stated (except for an output or requirements K).
3. The offer must have conveyed power of acceptance to the offeree (it;’s not just an invitation to make an offer or an Ad, unless the as is a Reward or very specific)
4. the offer is not terminated.
   a. NO express revocation of the offer by Offeror
   b. No constructive revocation
   c. There is no counteroffer
   d. The offeror didn’t die after making the offer
   e. Offer is not expired after reasonable time
   passed

Question 4

When is the SOF applicable?

Answer 4

This contract does (or does not) fall under the Statute of Frauds because it is not in consideration of MYLGS
Marriage, 
unable to be performed within one Year, 
a contract for real property (Land), 
a sale of Goods of $500 or more, or 
Suretyship