Contracts)Outline)
Contracts Outline Sources of Law: Common Law Restatement of Contracts Uniform Commercial Code (UCC) o Governs sale of goods, goods = any movable item Convention on Sale of International Goods (CISG) I. Contract Basics: Considerati Offer Acceptance Contract on a. Offer i. Outward manifestation: oral, written or via conduct; and signal that acceptance will conclude the deal ii. Available for a reasonable amount of time iii. Person who gives offer can revoke it at any time b. Acceptance i. Expression; or ii. Silence; or 1. Custom in long relationships iii. Action. iv. Cannot be revoked 1. Mailbox Rule = acceptance by mail creates a contract at the moment of dispatch c.
II. Policy)Approaches)toJudicial)Intervention)) a. StrangleHoldPolicy!=itsnot!easyfor1party togetoutofthek,unusuallyserious! consequences,courtsshouldintervene!
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