Introduction to Contracts - Sacramento State

Introduction to Contracts and Their Formation Its a deal, Ill take it OBE-118, Section 10 Fall 2004 Basic Elements of a Contract Usually looked at as six elements

Agreement (or Mutual Assent) These four are Consideration sometimes Capacity called the elements Legality Genuineness of assent

Defenses to Formation Writing and Form Classifying Contracts

Bilateral versus Unilateral Express versus Implied Formal versus Informal Valid, Void, Voidable, and Unenforceable Formation Mutual Agreement or Mutual Assent Requires acceptance of an offer The objective theory of contracts resolves issues as to what was an offer,

Offer Basic Elements of an offer Serious objective intent by offeror Terms reasonable definite and certain Offer communicated to offeree No: Want to buy my car? My car is for sale

I want to sell my 2000 BMW for $40,000 Acceptance Voluntary act that expresses assent or agreement to terms of offer Unequivocal or absolute Communicated to the offeror No: Maybe Okay but only if Yes if you increase the the price by

Did the Offer Survive to be Accepted? Offer Terminated? Revocation? Rejection? Offer Acceptance Counteroffer? Operation of Law?

Was offer non-revocable? Revocation of Offers Direct repudiation Behavior conforming to repudiation Generally, revocation must be received by offeror or offerors agent. Irrevocable offers Firm Offers Option contract

Termination by Rejection Words or acts that convey no Termination by Counteroffer A rejection with a new offer Watch out for inquiries: Would you accept $50? Mirror-image rule (common law) Termination by Operation of

Law Lapse of time Destruction of Subject matter Death or incompetence of offeror Illegality of proposed contract

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