Formation of a Contract Flashcards
When confronted with a Contracts Questions? What do you do?
When confronted with a Contracts Questions: First step to figure out what law applies.
Whether it is common law or
sale of goods, if that is the case there is an article 2 clause from UCC.
The next step to ask is was there a contact.
K = Manifestation of intent (O+A) + C-D
K= contract
O= Offer + Acceptance
C= Consideration
D= Absence of defenses
What does Article 2 applies to?
Applies to a sale of goods
[“goods” are moveable, personal property]
What is the definition of a Contract?
A legally-enforceable agreement.
An express contract is created by the parties’ words (oral or written).
An implied-in-fact contract is created by their conduct.
What is restitution? (Quasi Contract)
J.Lo orally agreed to work for Columbia Pictures
for five years for $10 million per film. After “Gigli”
bombed, Columbia refused to pay her for the film.
The Statute of Frauds bars J.Lo from enforcing the
contract. Can she recover from Columbia?
(2) How much can she recover in restitution?
Protects against unjust enrichment whenever contract
law yields an unfair result. Usually last resort.
not under contract law bc SOF applies (SOF defense: oral agt for more than 1 year is a no-go); but under restitution she will recover the value of the benefit conferred by her work
What is an offer?
Is an Ad an offer?
A manifestation of an intention to be bound (as judged by a “Reasonable Person”/Objective standard).
An ad is not an offer unless there’s a quantity
What are the methods of termination of a Contract?
