ContractLaw..docVIP

Lesson Four Contract Law Contract Definition A contract is basically an agreement between two or more people which creates an obligation to do, or not to do, something. The agreement creates a legal relationship of rights and duties. If the agreement is broken, then the law provides certain remedies. Three Factors There are three factors necessary to create a contract: 1) an offer, 2) acceptance, and 3) consideration. One party makes an offer, the second party must accept the offer and there must be consideration exchanged. Consideration has to be something of value. Example of Contracts Employment contracts Service Contracts Building Construction Insurance Contracts Contract involving real property Sale of Intangibles(stocks, bonds, patents, copyrights,etc) CONTRACT Contract ---- an agreement that has legal effect. 合同是具有法律效力的契约。 It creates obligations for which some sort of legal enforcement will be available if performance is not forthcoming as promised. 它设立了当不按约履行时，便可由某种法律强制手段保证实施的义务。 Expectation damages预期赔偿金 Agreed upon remedies补救协议 Equitable relief衡平救济 TEXT Contract —— an agreement between two or more persons. Not merely a shared belief 不仅仅是共有的想法 A common understanding as to something 而且是对某些未来将要进行的事项有共同的理解 Mirror Image Rule In the law of contracts, the mirror image rule, also referred to as an unequivocal and absolute acceptance requirement states that an offer must be accepted exactly without modifications. The offeror is the master of his own offer. An attempt to accept the offer on different terms instead creates a counter-offer, and this constitutes a rejection of the original offer. (Restatement(2d) Contracts ?59). In the United states, this rule has been altered with respect to merchants dealing in the sale of goods under the Uniform Commercial Code (UCC Section 2-207). In such situations, an acceptance that does not match the terms of the offer is nonetheless effective as long as the material terms are agreed upon. Example: Larry the T-shi