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WVU BCOR 320 - Cont. Chapter 9

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BCOR 320 1nd Edition Lecture 20 Cont. chapter 9 Sources of contract law  Common Law Uniform Commercial Code• UCC Article 2 governs the sale of goods. “Goods” means anything moveable, except for money, securities, and certain legal rights.• In a mixed contract, Article 2 governs only if the primary purpose was the sale of goods. Restatement (Second) of ContractsElements of a contract:  Offer - All contracts begin when a person or a company proposes a deal. Acceptance - Once a party receives an offer, he must respond to it in a certain way. Consideration - There has to be bargaining that leads to an exchange between the parties. Legality - The contract must be for a lawful purpose. Capacity - The parties must be adults of sound mind. Consent - Certain kinds of trickery and force can prevent the formation of a contract.Writing - While verbal agreements often amount to contracts, some types of contractsmust be in writing to be enforceable.Meeting of the minds:  The parties can form a contract only if they had a meeting of the minds.• They must understand each other and intend to reach an agreement.These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.A judge will make an objective assessment of any disagreements about whether a contract was made -- whether or not a reasonable person would conclude that there was an agreement, based on the parties’ conduct.The offer: An offer is an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms. Invitation to Bargain• Invitation to bargain is not an offer.• An advertisement is generally not an offer.• A letter of intent may or may not be an offer, depending on the writer’s intent. Problems with Definiteness• The term of the offer must be definite.Termination of the offer:  Termination by Revocation• Effective when the offeree receives it. Termination by Rejection• If an offeree rejects an offer, the rejection immediately terminates the offer. Termination by Counteroffer• If an offeree counteroffers, it is a rejection that immediately terminates the offer. Termination by Expiration• When an offer specifies a time limit for acceptance, that period if binding.• If the offer specified no time limit, the offeree has a reasonable period in whichto accept. Termination by Destruction• Destruction of subject matter terminates offer.• Illegality of subject matter terminates offferDeath or incompetency of either the offeror or offeree terminates the offerIrrevocable offer:  An offer is irrevocable when:• Written• Signed by offeror• Containing essential terms/conditions including period in which irrevocable• Supported by considerationAcceptance:  The offeree must say or do something to accept.• In a bilateral contract, the offeree generally must accept by making a promise.• In a unilateral contract, the offeree must accept by performing. Mirror Image Rule (Common Law)• Requires that acceptance be on precisely the same terms as the


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