Foundations of Contract Formation: Mutual Assent, Offer/Acceptance, and Consideration

Notes

Bedoya 1 CONTRACTS OUTLINE A contract may be defined as an exchange relationship created by oral or written agreement between two or more persons, containing at least one promise, and recognized in law as enforceable 1. An oral or written agreement between two or more persons 2. An exchange relationship 3. At least one promise 4. Enforceability The most important attribute of contract is that it is a voluntary, consensual relationship - A contract is created only because the parties, acting with free will and intent to be bound, reach agreement on the essential terms of their relationship - The law does not require that the parties reach true agreement, in a subjective sense– that their minds are in accord - It is enough that the words and conduct of a party, evaluated on an objective standard, would lead the other party reasonably to understand that agreement was reached A party who enters a transaction subject to the other party’s standard terms is likely to be bound by them on the basis of an objective manifestation of assent Promisee/ /promissor The OR person is the one doing something or initiating something. The EE person is receiving that thing. Grantor on deed is seller and...