Contracts in General Flashcards
What is a contract
An enforceable promise
What types on contracts are covered by U.C.C. Article 2
Sale of goods
What is needed for a contract to be formed (3)
Offer and Acceptance Consideration
Objective Theory of Contract formation
Reasonable person standard of communicated willingness to bargain seeking another person’s agreement
§24.Offer Defined.
An offer is the 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.
§50.Acceptance of Offer Defined; Acceptance by Performance; Acceptance by Promise.
(1) Acceptance of an offer is an offeree’s manifestation of assent to the terms in a manner invited or required by the offer.
(2) Acceptance by performance requires that at least part of what the offer requests be performed.
(3) Acceptance by a promise requires that the offeree complete every act by the making of the promise.
What is consideration
a bargained for exchange of legal value
An enforceable promise
A contract
What covers the Sale of goods
U.C.C Article 2
Offer Acceptance and Consideration
Are needed for a contract to be formed
Reasonable person standard of communicated willingness to bargain seeking another person’s agreement
Objective Theory of Contract formation
An offer is the 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.
§24.
(1) Acceptance of an offer is an offeree’s manifestation of assent to the terms in a manner invited or required by the offer.
§50.Acceptance of Offer Defined;
(2) Acceptance by performance requires that at least part of what the offer requests be performed.
§50.Acceptance by Performance;
(3) Acceptance by a promise requires that the offeree complete every act by the making of the promise.
§50.Acceptance by Promise.
A bargained for exchange of legal value
Consideration
UCC §2–204.Formation in General.
(1) A contract for sale 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.
(2) An agreement sufficient to constitute a contract for sale may be found even though the moment of its making is undetermined.
(3) Even though one or more terms are left open a contract for sale does not fail for indefiniteness if the parties have intended to make a contract and there is a reasonably certain basis for giving an appropriate remedy
§87.Option Contract.
(1) An offer is binding as an option contract if it
(a) is in writing and signed by the offeror, recites a
purported consideration for the making of the
offer, and proposes an exchange on fair terms
within a reasonable time; or
(b) is made irrevocable by statute.
(2) An offer which the offeror should reasonably expect to induce action or forbearance of a substantial character on the part of the offeree before acceptance and which does induce such action or forbearance is binding as an option contract to the extent necessary to avoid injustice.
