Contracts Definitions

Question 1

What is the structure of a contract?

Answer 1

Offer, acceptance, consideration

Question 2

Terms of an offer

Answer 2

1. Parties with one consenting to be bound
2. Subject matter
3. Quantity
4. Price

ALL MUST BE DEFINITE TO BE AN OFFER

Question 3

Definiteness of an offer

Answer 3

The terms have to be definite to be an offer can be expressed or implied. UCC acts as gap fillers to create definiteness

Question 4

Implied Offer

Answer 4

If terms are implied look to background circumstances to determine if definite:

Course of performance

Course of dealing (if parties have dealt with each other in the past)

Usage of the trade(use the terms that the rest of the industry practices)

Question 5

UCC gap fillers

Answer 5

used to flesh out defined terms of a contract or create a definite offer