Contracts

Question 1

Steps to analyze whether there is an enforceable contract

Answer 1

(1) Mutual Assent
- Offer (promise, undertaking, or commitment with definite and certain terms communicated to offeree) AND
- Acceptance (assent to the offer before termination)

(2) Consideration
- Bargained-for exchange of some legal value OR
- Substitute—promissory estoppel, detrimental reliance, good faith modification under UCC, etc.

(3) No Defenses
- Mistake (mutual or sometimes unilateral)
- Lack of capacity
- Illegality
- Statute of Frauds

Question 2

For a communication to be an offer, it must . . .

Answer 2

create a reasonable expectation in the offeree the the offeror is willing to enter into a contract on the basis of the offered terms.

Question 3

Analysis for whether a communication creates a reasonable expectation (such that it creates a valid offer)

Answer 3

(1) Was there an expression of a promise, undertaking, or commitment to enter into a contract?
(2) Were there certainty and definiteness in the essential terms?
(3) Was the communication to the offeree?