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In deciding whether a contract was formed or not, the courts look to the subjective intent of the parties
An Illusory promise is consideration for a unilateral contract, but not for a bilateral contract
Ann mailed Jake an offer to sell him her racehorse for 500,000. before Jake could accept the offer, the horse died. Ann's offer terminates by operation of law
Any person who occupies a position of trust and confidence in relation to another person or his property is a trustee.
Giving up the right to do something one is legally entitled to do can serve as consideration in a contract
In limited cases, such as the relationship between a supplier who makes regular deliveries and his customer, silence can be a form of acceptance
In determining whether a contract can be performed within a year, the measuring period starts and ends when the performance is completed
An intentional misrepresentation of law by a seller who is not a lawyer will be grounds for rescinding the contract
If the offeree has substantially performed the requested act in a unilateral contract, the offeror is prevented from withdrawing the offer
Parties to a contract may not offer as consideration promises to do what the parties are already legally required to do
Courts may look into the adequacy of consideration if there is evidence of fraud or undue by one of the parties
Under the Common Law, modifications to existing contracts required new consideration form each party
Under the Common Law, to satisfy the Statute of Frauds all the required information must be contained in one document
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