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MAJOR CLASSIFICATION OF CONTRACTS
FORMAL AND INFORMAL
UNENFORCABLE CONTRACTS
EXPRESS CONTRACTS (VERBAL)
QUASI CONTRACTS (IMPLIED OBLIGATION OF LAW)
FORMATION
Consists of an offer and acceptance collectively known as mutual assent plus consideration minus applicable defenses.
OFFER
An outward manifestation of contractual intent clear and definite in its terms and communicated in such a way as to create in the offeree a reasonable expectation that the offeror is willing to enter into a contract.
Definiteness defined in terms of an offer
Q-TIPS

Quantity
Time of performance
Identity of parties
Price
Subject matter
Unilateral Contract Rule R2-45
Where an offeror makes an offer which can only be accepted by full performance, the offer will remain open for a reasonable period of time once performace begins in order to allow the offeree to compete performance.
Option Contract
The option to hold an offer open for a period of time to allow for a decision. 
Note: without consideration to keep the option open (or a merchent firm offer rule) the offer may still be revoked at any time.
Detrimental Reliance Rule
Where an offeror makes an offer which he should reasonably foresee to induce substantial reliance on the part of the offeree resulting in either action or forbearance to act the offer will remain open for a reasonable length of time to avoid injustice.
Mirror Image Rule v. UCC
If acceptance deviates from the offer in any way even in an immaterial way it is deemed a counter offer and the origional offer is dead. (Common law used in all contracts other than for goods - UCC)

UCC - Uses rule UCC 2-207
UCC 2-207
Under the terms of the UCC a definite and seasonable expression of acceptance will be valid even if terms are added or changed unless; 1) There is a conditional assent clause, 2) the new or different terms materially alter the terms of the contract, or 3) the offeror has already notified the offeree of his objection to the new or different terms or does so within 10 days.
Merchant Firm Offer Rule
The UCC does not require an options contract requiring consideration when the offer is presented and signed by a merchant.
Requirements and Output Contracts

UCC 2-306
A term which measures the quantity by the output of the seller or the requirments of the buyer means such actual output or requirements as may occur in good faith.  Quantities cannot be unreasonably disproportionate to any stated estimate or compairable past outputs of requirements.
Revoke
The withdrawl of an offer on behalf of the offeror to an offer -

Note: Acceptance cannot have already been made, there cannot be a valid options contract or if under a unilateral contract performance must not have begun. 
Acceptance
An outward manifestation of unequivocol assent to the terms of an offer.
Mailbox Rule
All communications except acceptance are effective on receipt.  Acceptance is effective on dispatch.
Consideration
Bargained for exchange of legal benifit and detriment.
Pre-existing Duty Rule
Preformance of a pre-existing legal duty is not sufficent consideration to support a contract.
Promissory Estoppel
When a promisor makes a promise which he should reasonably foresee to induce the promisee's action or forbearance the courts will enforce the promise necessary to prevent injustice.
Parole Evidence Rule
Statements, written or oral, which are made prior to or contemporoneously with the formation of a contract connnot vary or alter the terms of an integrated contract.
Integrated Contract
A contract complete in all of its terms.

If terms are not complete or ambiguious then the contract is not integrated and it can be intrerpreted for clarity or evidence can be established to determine the proper terms.
OBJECTIVES LESSON 1


Introduction
Major sources of contract law - common law, statutes, UCC, restatements Major classifications of contracts -
OBJECTIVES LESSON 2

Offer
1. Recognize manifestations of present contractual intent by offeror.
2. What factors are used to evaluate definiteness to terms?
3.  Difference between offer and other comminications between parties.
OBJECTIVES LESSON 3


Acceptance
1. Rules and methods of acceptance
2. Know which methods of acceptance is approperate for different types of offers.
3. Proper methods of revocations and the rules.
4. Option Contracts ans application/ rules.
5. Mirror immage v. UCC
6. Mailbox rule.
OBJECTIVES LESSON 4


Mutual Assent
1. Understand legal effects of formilization on mutual assent.
2. Legal consequences and remidies of indefiniteness.
3. Distinctions between unilateral and bilateral and reverse bilateral contracts
OBJECTIVES LESSON 5

Consideration
1.  Identify basic elements of valid consideration
2. Recognize insufficent consideration.
3.  Various consideration problems arising in bilateral contracts.
OBJECTIVES LESSON 6

Sufficency of consideration
1. Understand how surrender of legal claims affect contractual consideration.
2. Learn how the pre-existing duty rule and its exceptions apply in problems of consideration.
3. Identify the pecularities of requirment and output contracts as related to consideration.
4. Examine consideration requirements in contracts which contain alternative promises.
OBJECTIVES LESSON 7

Contracts Enforceable without consideration
1.  Know why past consideration and moral obligation do not constitute valid consideration.

2. Understand the theoretical bases and contractual applications of the promissory estoppel doctorine.
OBJECTIVES LESSON 8

Statute of Frauds
1.  5 different types of agreements which require a writting under the SOF.
2.  Applications of the SOF in agreements.
3. What are the circumstances that can remove an agreement from the Statute of Frauds?
OBJECTIVES LESSON 9

Defenses to the Statute of Frauds
1. Requisite elements for sufficient memorandem for SOF
2. Effects of oral aggrements, rescissions, and modifications related to the SOF
3. Examine legal and equitable remedies for adjustments of parties losses and gains under SOF
4. Understand Estoppel under SOF 
OBJECIVES LESSON 10

Incapacity and illegality
1. Difference between void and voidable contracts.
2. Minor's power of avoidance and ratification of contract.
3. Remedies available upon disaffirmance of contracts by minors.
4. Examine legal rules governing voidability of contracts made by mentally infirmed.
5. Elements which make a contract illegal.
6. Effect of illegal contract, remedies to parties.
OBJECTIVES LESSON 11

Parole Evidence Rule
1.  What types of evidence are prohibited by parole evidence rule.
2. Rules for partial and total intigration of contract.
3. What types of evidence is admissable under parole evidence?
4. Contrat interpretation, course of dealing course of performance, and usage.
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