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Contracts-Rules Outline

In: Other Topics

Submitted By ulyssesallison
Words 2857
Pages 12
Contracts Rules

|Intent to Contract: |
|Applicability of the UCC: Uniform Commercial Code applies to contracts for the sale of goods |
|Unilateral Contract: A contract in which a Promise is exchanged for an action |
|Bilateral Contract: A contract in which a promise is exchanged of a promise. |
|Formation of Contract |
| |Mutual Assent: Mutual assent occurs when one party makes an offer, and prior to the expiration or termination of the offer, the other |
| |party accepts the offer |
| | |Offer- A communication to a recipient, that a reasonable person, under similar circumstances would believe created the power of |
| | |acceptance. |
| | |Acceptance - An offer is accepted when the person to whom it was communicated (“offeree”) assents to the terms of the offer, as |
| | |proscribed by the terms of the offer. |
| | | |Common Law: Under common law, an acceptance must be the mirror image of the offer in order to be effective. That is the acceptance |
| | | |must be made of the offer in the exact terms of the offer. |

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