Académique Documents
Professionnel Documents
Culture Documents
What is a contract?
o Promise or set of promises which the law recognizes as a duty
and for the breach of which the law gives a remedy (i.e. legally
enforceable promise)
o Requires 2 components Consideration, mutual assent
o Unilateral contract acceptance is completed performance
Dividing line for revocation is between preparation and
beginning performance. Cant revoke after performance
begins.
Promise Would a reasonable person have understood it as a
promise?
Consideration Bargained-for-promise/limit freedom of action
o Promises of both sides must induce other side, look at motive of
promise, not the value of the promise
o Look for a satisfaction clause (usually there is consideration, but
can argue no consideration, not giving up any freedom)
Unenforceable promise
o Gratuitous no consideration
o Conditional condition to be fulfilled before gift made
o Preexisting duty no consideration if already obligated to
perform
o Illusory If/when you feel like it (no limitation on freedom of
action), or reserves choice of alternative performance
Unenforceable becomes enforceable if
o Limit on freedom of action can be implied, OR
o Satisfaction clause
Mutual Assent
o Offer by promisor and acceptance by promise
Offer present intent to contract, identified offeree,
definite terms
Test could you respond with I accept?
Acceptance assent to terms of offer in manner invited by
offer
Common law mirror image (must be exactly same)
UCC can add terms to offer (creates battle of
forms)
Methods of acceptance
UCC reasonable means