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3 Cards in this Set
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§ 17 Requirement of a bargain |
(1) Except as stated in subsection (2), the formation of a contract requires a bargain in which there is manifestation of mutual assent to the exchange and a consideration (2) Whether or not there is a bargain a contract may be formed under special rules applicable to formal contract or under rules states in §§ 82 - 94 Comments (b) Bargains. The typical contract is a bargain, and is binding without regard to form. (c) "Meeting of the Minds" The parties to most contract give actual as well as apparent assent, but it is clear that a mental reservation of a party to a bargain does not impair the obligation he purports to undertake. (e) Informal Contract without bargain. In such cases it is often said that there is consideration by virtue of reliance on the promise or by virtue of some circumstance, such as "past consideration" which does not involve the element of exchange. |
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