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12 Cards in this Set
- Front
- Back
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§1. Contract Defined
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A contract is
■ a promise or a set of promises ■ for the breach of which ■ the law gives a remedy, ■ or the performance of which the law in some way recognizes as a duty. |
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§3. Agreement & Bargain Defined
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■ An agreement is a manifestation of mutual assent on the part of one or more persons.
■ A bargain is an agreement to exchange promises or to exchange a promise for performance for a performance or to exchange performances. |
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§3 Comment A. Agreement Distinguished from Bargain
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■ Neither legal consequences nor mental agreement are implied
■ Agreement is usually expressed when parties manifest assent. |
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§1. Contract Defined
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A contract is
■ a promise or a set of promises ■ for the breach of which ■ the law gives a remedy, ■ or the performance of which the law in some way recognizes as a duty. |
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§3. Agreement & Bargain Defined
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■ An agreement is a manifestation of mutual assent on the part of one or more persons.
■ A bargain is an agreement to exchange promises or to exchange a promise for performance for a performance or to exchange performances. |
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§3 Comment A. Agreement Distinguished from Bargain
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■ Neither legal consequences nor mental agreement are implied
■ Agreement is usually expressed when parties manifest assent. |
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§4. How a Promise May Be Made
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■ A promise may be stated in words wither oral or written; or
■ May be inferred wholly or partly from conduct. |
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§17. Requirement of a Bargain
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(1) The formation of a contract requires a bargain in which there is a manifestation of mutual assent to the exchange and a consideration [with the exception in sub-section (2)].
(2) Whether or not there is a bargain, a contract may be formed under special rules applicable to formal contracts or under the rules stated in §§ 82-94. |
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§18. Manifestation of Mutual Assent
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Manifestation of mutual assent to an exchange requires that each party either:
■ Make a promise; or ■ Begin or render performance. |
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§22. Mode of Assent: Offer and Acceptance
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■ The manifestation of mutual assent to an exchange ordinarily takes the form of an offer or proposal by one party followed by an acceptance by the other party or parties.
■ The manifestation of mutual assent may be made even though neither offer nor acceptance can be identified and even though the moment of formation cannot be determined. |
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§24. Offer Defined
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An offer is
■ the manifestation of willingness to enter into a bargain, ■ So made as to justify another person in understanding ■ That his assent to that bargain is invited ■ And will conclude it. |
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§33. Certainty
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Even though a manifestation of intention is intended to be understood as an offer, it cannot be accepted so as to form a contract unless the terms of the contract are reasonably certain.
The terms of a contract are reasonably certain if they provide: 1. A basis for determining the existence of a breach; and 2. For giving an appropriate remedy. |
