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* * * * * * * * * * * * * * * * * * * * * Chapter 2 The Law of Contract Introduction to Contracts Definition Basic requirements of a contract 3. Types of contracts * Facing a Legal Problem Jack offers to pay Simone $10 if she walks across the Golden Gate Bridge. If, without saying a word, Simone walks across the bridge, do she and Jack have a contract? If Simone tells Jack no and turns and walks away, are there any legal consequences? If no one says anything more, but Barry rather than Simone starts to walk across, do Jack and Barry have a contract? * Definition of Contract A contract is an agreement based on mutual promises between two or more competent parties to do or to refrain from doing some particular thing that is neither illegal nor impossible. Contract – a voluntary exchange of promises or commitments that are enforceable in our courtsgiving each a legal duty to the other and also the right to seek a remedy for the breach of the promises/duties . * Parties to a Contract Offeror要约人: The party who makes an offer to enter into a contract. Offeree受要约人:the Party to whom to enter into a contract is made. Exhibit 2-1 * Offeror Offeree Offer Acceptance Offeror makes an offer to the offeree. Offeree has the power to accept the offer and create a contract. * Basic Requirements The elements of a contract Agreement协议 Consideration对价 Contractual capacity缔约能力 Legality合法性 Two defenses to the formation or enforcement of a contract Genuineness of assent同意的真实 Form形式 * Types of Contracts (1) Unilateral Contract单务合同 Versus Bilateral Contract双务合同 A promise for an act (acceptance is the completed performance of the act) A Promise for a promise * Example 2-1 Mai offers to buy Harry’s sailboat, moored in San Francisco, upon delivery of the boat to Mai’s dock in Newport Beach, 300 miles south of San Francisco. Harry rigs the boat and sets sail. Shortly before his arrival at Newport Beach, Harry receives a message from Mai withdrawing her o
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