U.S. Contracts law outline.docVIP

Contracts Park Fall 2013 Chapter 1 – Formation of the Contract ? WHERE DO CONTRACT LAWS COME FROM? Case law Statutes Restatement of the Law of Contracts (principle of contract)/UCC CISG UNIDROIT ? WHAT IS REQUIRED FOR A CONTRACT? Mutual assent (“agreement” or “meeting of the minds”) Offer Acceptance(exchange) Bargained-for-exchange (“consideration” : the price of your bargain /not a gift/negotiation)(bargain: negotiation and engage) Capacity of parties Legal purpose No defense Bargained -for exchange and gift promise The difference: without consideration/ want to extracting something from others(homeless man case: the motive of the owner of the restaurant is to keep the vicinity of the restaurant/only because he is a wonderful person---gift promise )(and the gratitude of the promisor for the past good conductor services is not consideration----no exchange/not extracting/ no supply as the price ) Motivate/Motive Reasonable person believe / actual motive is not important Harmer v. Sidway/the tree branch case Giving up the right to sue(consideration)----you have to have the sue right(you can not make up it)(something is value from the promisor’s point/ not promisee’s side ,but everyone think it is different~) Give up hour legal right to do sth. (consideration) Is it a promise for promise or is it a promise for an act?(unilateral or bilateral contract) Reward:$50,000 killer on the lose give the info about killer The police is the promisior Promisee:anyone(Kim)/it seems that Kim did not give up anything -----it is an unilateral contract(a promise for an act)(bilateral contract: a promise for a promise/time is value kim give up/ in bilateral contract, if there is no giving up, then there is no consideration, then it is not a contract) Consideration:$50,000 MUTUAL ASSENT Meeting of the Minds Each party must intend to enter the contract and agree with the other on mutually acceptable terms Subjective intent vs. objective manifestation of intent ·?????????Objective t