indicating intention to enter contract is valid UNLESS made conditioned on acceptance of new terms
• 3.Necessary Elements of a Contract
• (1) There must be an agreement between the parties;
offeror by proper assent
Termination of Offer
Termination by Offeree • Rejection
– Not terminated by inquiries or request for different terms
• Counter-offer • Expiration set of promises where the law gives a remedy when breached, and the performance of which the law recognizes as a duty.
Contract law
• Contract law is most obviously the law relating to agreements or promises.
• The bulk of American contract law is judge-made case law.
• •
• The Uniform Commercial Code
• The Restatement of Contracts • 合同法注释汇编 • 合同法重述
• 2. Formation of Contract • offer and acceptance • Offeror and Offeree • Meeting of the minds • Mutual assent • Manifestation of willingness • “mirror image” • “mailbox rule”
• Ensures parties agreed on a minimum quantity of terms
• Gives court a reliable method to determine content of deal
Legal Significance of Offer
• Creates power of acceptance in offeree • Offeree can conclude a deal and bind
• (2)There must be consideration to support a contractual claim;
• (3)There must be two or more parties who have the legal capacity to contract;
• (4) Subject matter of the contract must be lawful;
• Offer and Acceptance • Consideration • No Defenses to Formation
Offer and Acceptance
Why important to have offer and acceptance rules?
• Helps court decide whether negotiations or an actual bargain
contracts
• I. Contract Nature
• １．Contract and contract law
A contract is a promise or a set of promises which the law will protect and enforce.
The common law countries stress the contract as a kind of “promise,” the civil law countries concern on the “agreement between the parties.”
Lesson One Introduction
• Case: • the Cotton Cases of 1973
• “The critical issue is whether there was an enforceable promise to buy for each promise to sell. We believe there was.”
CONTRACT LAW
• Lesson One Introduction • Lesson Two Performance and Non-
Performance • Lesson Three Contract Remedies and
Computation of Damages • Lesson Four Rights of Third Parties
in the class of persons to whom addressed Acceptance must be unequivocal. • Common Law: Mirror image rule –
acceptance must mirror terms of offer • Commercial Law: Any acceptance
– If no time for acceptance, the offer is deemed a reasonable time – depending on circumstances
Acceptance
Who may accept? • Person to whom offer was addressed or if