1. Contract Formation

2. Evidentiary Consideration

3. Public Policy Considerations

4. Legally Enforceable Contract Exists

5. Breach

6. Remedy

*Is the deal enforceable outside contract law?

1. Offer

2. Acceptance

3. Consideration

1. Intent

2. Deffinitness of essential terms

3. Communication of offer to offeree

1. Lapse of Time (reasonable lapse of time terminates)

2. Rejection of offer by oferee

3. Revocation of the offer by the offeror (before acceptance)

4. Destruction of subject matter before acceptance

5. Death of either party before acceptance

6. Illegal offer

1. Option Contract

2. Uniform Commercial Code

3. Partial Peformance of Unilateral Contract

4. Promissory Estoppel

1. Assent

2. Exact Terms of offer

3. Communication in manner of requested or authorized

1. Acceptance: Effective upon Proper Dispatch; when rejection is sent after acceptance, first to arrive rules

2. Revocation: Effective upon "arrival"

3. Rejection: Effective upon "arrival"

1. Act - payment or actual affirmative act.

2. Forbearance - passing up on act

3. A promise to perform an act of forbearance

4. Creation/modification/destruction of a legal right or relationship.

1. Does a particular type of contract have to be in writing?

2. Is the writing which was created sufficient.

1. Contracts that will last 1 or more years

2. Suretyship (Security) Contracts

3. Real Estate

4. Uniformal Commercial Contract

-Goods > $500

-Personal > $5000

1. Clear Statement

2. Specific Description of the subject matter

3. Essential terms must be present

4. Signatures of parties involved

making changes orally after the document is written.

Complete or Partial Agreement?

1. Age Incapacity

2. Intoxication Incapacity

3. Mental Incapacity

- Misrepresentation

- Emancipation

- Ratification

- Necessity (Necessitation)

1. Capacity

2. Illegality

2. Public Policy Violations

4. Genuine Assent

5. Misrepresentations

6. Unconscionability

Mutual Mistakes (contract NOT enforced when both parties make a mistake regarding the subject matter)

Unilateral Mistakes (contract enforced if only one parties made a mistake regarding contract)

1. Express Conditions

2. Implied Condtions

3. Constructive Conditions

4. Legal Excuse

1. Money Damages

2. Restitution

3. Specific Performance

1. Forceable

2. Calculated with reasonable certainity

3. Unavoidable

Manifestation of Intent of Contract

Intoxication Incapacity

- Reasonable belief that party has serious intent to enter contract

Definiteness of Contract (Terms)

- Ideas are not a contract and must define terms of contract

Verbal Contract

-Must explictly layout terms of contract

Advertisement

-Not an offer, must be specific to offeree

Acceptance

-Time limit must be clear and offeree must accept within time frame

Fine Print Clauses

-Three components to valid offer (KNOW CONTRACT)

1. Manifestation of intent

2. Definiteness of essential terms

3. Communication

Shrink Wrap

-If terms are clear before purchase and opporunity to return = valid

Promissory Estoppel

-If terms are clear, then contract. Offeree can rely on offeror

Acceptance

-Acceptance occurs when post marked

Consideration

-When promotional offer benefits offeror than there is consideration

Consideration

-Either party doesnt have to benefit from contract OR forbearance can be consideration

Liability Waiver

-Enforceable

1. Duty to public

2. Nature of service (essential/non)

3. Contract fairly entered

4. Contract is understandable

Age Incapacity

-Affirmatively misrep their age, then minor cannot dissafirm a contract.

Age Incapacity

-Minor may NOT dissafirm a contract once emancipated

Age Incapacity

-May dissafirm contract until age of majority

Age Incapacity

-Minor cannot dissafirm when necessity

Superior Knowledge

-Superior knowledge allows recission(take back) of contract

Lottery

-Elements

1. Prize

2. Consideration

3. Chance

Sexual Services

-Can be contract as long as relationship isnt based on sexual services

Public Policy

-Illegal if goes against public policy (audultry)

Mission Statements

-Not specific enough to an individual (generalized)

Superior Knowledge

-when one party has superiority then regarded as fact

Unequal Bargaining

-Unequal and Unconscionability then unfair

Mutual/Unilateral Mistake

-Mutual based on knowledge of parties

Mutual/Unilateral Mistake

-Both parties were unaware of items in the household (mutual)

Conditional Gift

-Gift was given and would be accepted upon act

Cancellation

-Legal Justification

-Legal Excuse