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Terms in this set (26)
An agreement by the parties that something will be done by one of more of them in the future.
sale of goods, statutory law
breach can consist of award of money damages or other remedies
Statute of Frauds
A state statute under which certain types of contracts must be in writing to be enforceable.
Contracts for the International Sale of Goods. If a party has more than one place of business, the relevant place is which has the closest relationship to the contract and its performance.
the parties to a contract must manifest by words or conduct that they have agreed to enter into a contract
Objective Mutual Assent
Focuses on apparent assent: a hypothetical, reasonable person would infer they had assented to the contract
Subjective Mutual Assent
There must be a "meeting of the minds" for a contract to form
A mistake that occurs when one party to a contract is mistaken as to a material fact.
both parties to a contract have an incorrect belief about an important fact
A take-it-or-leave-it offer made by a party who holds most of the power in a bargaining session
To constitute consideration, a performance or a return promise must be bargained for.
contract that occurs when a promise is made in return for a promise by other party
A contract that results when an offer can be accepted only by the offeree's performance.
manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to the bargain is invited and will conclude it.
A rule providing that an acceptance of an offer becomes effective on dispatch.
contract to hold an offer to make a contract open for a fixed period of time
An acceptance that is only partial in that it varies the order of the draft in some way. The same as a rejection.
When can someone revoke an offer?
When it is effectively communicated before acceptance.
When does an advertisement constitute an offer?
when the advertiser, in clear and positive terms, promised to render performance in exchange for something, and the recipient of the advertisement reasonably might have concluded that by acting in accordance with the request a contract would be formed.
Mutuality of Obligation
both parties must have created obligations to the other in their respective promises. Does NOT apply in unilateral contracts.
A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies; such a promise is binding if justice will be better served by the enforcement of the promise.
A judge's statement about someone's rights. For example, a plaintiff may seek a declaratory judgment that a particular statute, as written, violates some constitutional right.
The role of certainty
Even though a manifestation of intent is intended to be understood as an offer, it cannot be accepted so as to form a contract unless the terms of the contract are reasonably certain.
any oral or written words outside the four corners of a written contract
Open Price Term
A contract for sale in which nothing is said as to price, the price is to be agreed later by the parties, the price is to be fixed by a market standard or by a third party, or the price is to be fixed in good faith by the seller or buyer.
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