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Contract Outline

The key elements for contract formation are an offer containing definite terms, acceptance of those terms, and consideration. An offer requires communication of a promise with present intent to create a legal obligation if accepted. Acceptance must manifest assent to the offer's terms in the manner specified. Consideration requires a bargained-for exchange of legal value between the parties, such as a benefit or detriment. A gift lacks consideration as it involves no detriment.

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Shelby Bullitt
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382 views3 pages

Contract Outline

The key elements for contract formation are an offer containing definite terms, acceptance of those terms, and consideration. An offer requires communication of a promise with present intent to create a legal obligation if accepted. Acceptance must manifest assent to the offer's terms in the manner specified. Consideration requires a bargained-for exchange of legal value between the parties, such as a benefit or detriment. A gift lacks consideration as it involves no detriment.

Uploaded by

Shelby Bullitt
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Contract Formation

A. ELEMENTS OF OFFER
1. Communication/
manifestation
2. Present intent
3. Power of acceptance
4. Definite terms
B. ELEMENTS OF
ACCEPTANCE
1. Manifestation/
communication
2. Assent
3. To the terms
4. In the manner required by
the terms
C. ELEMENTS FOR VALID
CONSIDERATION
1. Bargain for exchange
a. A gift is not a
bargained for
exchange
b. If the promisors
motive was to
induce the
detriment = it will
2. Between the parties
3. That which is bargained
for must be
a. considered of legal
value OR
b. constitute a benefit
to the promisor or
a detriment to the
promise

Offer
A. Elements of offer
1. Communication/ manifestation
a. Was there communication to the offeree?
b. Was there a letter, a statement, some conduct?
2. Present intent to be bound
a. Was there an expression of a promise, undertaking, or commitment to enter into a
contract?
3. Power of acceptance
a. Was there offer directed to the offeree?
b. In a manner that allows offeree to conclude the bargain by acceptance
4. Definite terms
a. Were there certainty and definiteness in the essential terms?

B. Termination of offer
1. Revocation
2. Rejection
3. Operation of law

Acceptance
A. Elements of Acceptance
1.
2.
3.
4.
B.

Manifestation/ communication
Assent
To the terms
In the manner required by the terms

Who may accept


1.

C.

Homer and Patty example


1. Mailbox rule
a. Acceptance effective upon dispatch
b. Rationale: offeree should be able to rely on the contract and be protected against a revocation by
the offeror following dispatch of the acceptance
2. Silence by acceptance
3. Unilateral contract accept by performance
a.
b.
4. Bilateral contract

Consideration
A.
1.
2.
3.
4.
B.

Elements of Consideration
Bargained for exchange
Between the parties
Of a legal value
Benefit or detriment

Gift not consideration


1. As the promise must induce detriment, a gift in exchange for no detriment is not valid consideration.

C.

Pre-existing duty rule


1. Cannot induce someone to do what they are already obligated to do.

D.

Illusory promise

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