bus 263 class slides, march 4, 2014
Post on 23-Aug-2014
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Chapter 9:
Formation of
Traditional and e-
Contracts, cont'd
cc licensed ( BY NC SA ) flickr photo by LOSINPUN: http://flic.kr/p/aNHv22
• Contract?
– A PROMISE or a SET OF PROMISES for which the law gives a remedy or the performance of which the law in some way recognizes as a duty
• Contract?
– A PROMISE or a SET OF PROMISES for which the law gives a remedy or the performance of which the law in some way recognizes as a duty
Contracts
cc licensed ( BY NC SA ) flickr photo by Pierre J.: http://flic.kr/p/5CMRKY
elements of a contract?
cc licensed ( BY NC SA ) flickr photo by Álvaro Canivell: http://flic.kr/p/34n54H
agreement
• offer • acceptance
Definite terms
• Offeror
• Offeree
• Quantity
• Price
• Delivery
• Payment
No definite terms?
Invitation to make offer
Objective Theory of Contracts
• Existence of a contract is based on what an objective 3d party would understand, not subjective intent of parties
objective?
subjective?
cc licensed ( BY ) flickr photo by Dawn Huczek: http://flic.kr/p/5yXYaR
Objective evaluation?
• Weight
• Ingredients
• Freshness
• Shape
• Size
• Appearance
• Aroma
Subjective evaluation?
cc licensed ( BY SD ) flickr photo by Ernst Vikne: http://flic.kr/p/6iqQRZ
cc licensed ( BY NC SD ) flickr photo by jasoneppink: http://flic.kr/p/77A7PR
"objective standard"?
• "Reasonable person"
• "should know"
"subjective intent"?
• "that's not what I meant"
cc licensed ( BY NC ) flickr photo by Dennis Gotta:
http://flic.kr/p/6aXDU3
contractual capacity
© TomT, http://flic.kr/p/5VDVhf
legal subject matter
cc licensed ( BY NC SA ) flickr photo by
daikiki: http://flic.kr/p/6MVs3i
Statute of Frauds
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consideration
Gordon Bach case
cc licensed ( BY NC SD ) flickr photo by bug138: http://flic.kr/p/ts888
Requirements for an offer?
Is the letter an offer or an invitation to make an offer?
cc licensed ( BY ) flickr photo by Dawn Huczek: http://flic.kr/p/5yXYaR
If there was an offer, has it been accepted?
Dates?
Action Sent Rec’d Effective
Offer
Acceptance
Revocation
Dates?
Action Sent Rec’d Effective
Offer Feb 1 Feb 3
Acceptance
Revocation
Dates?
Action Sent Rec’d Effective
Offer Feb 1 Feb 3
Acceptance Feb 3 Feb 6
Revocation
Dates?
Action Sent Rec’d Effective
Offer Feb 1 Feb 3
Acceptance Feb 3 Feb 6
Revocation Feb 2 Feb 5
cc licensed ( BY NC ) flickr photo by Indiana Public Media: http://flic.kr/p/8vqJgq
mailbox rule
Dates
Action Sent Rec’d Effective
Offer Feb 1 Feb 3 Feb 3
Acceptance Feb 3 Feb 6 Feb 3
Revocation Feb 2 Feb 5 Feb 5
If correspondence had been by email. Would there be a contract?
Phone? Text?
How could Bach prevent this kind of confusion about acceptance &
revocation?
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