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Contracts, Fall 2008

Contracts, Fall 2008. Class 8. Contract Formation: [Actual or Deemed] Manifestation of Mutual Assent to a “Bargain”. 1) a) Offer and Acceptance OR b) Contract Implied in Fact or in Law OR c) Promissory Estoppel as Substitute for Bargain/Promise AND

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Contracts, Fall 2008

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  1. Contracts, Fall 2008 Class 8

  2. Contract Formation: [Actual or Deemed] Manifestation of Mutual Assent to a “Bargain” • 1) a) Offer and Acceptance OR • b) Contract Implied in Fact or in Law OR • c) Promissory Estoppel as Substitute for Bargain/Promise • AND • 2) Evidencing [objective] intent to be bound to something the court can feasibly enforce or give a remedy for. • AND • 3) In Writing if Statute of Frauds applies, unless exceptions apply

  3. Normile snoozed and lost… NORMILE P makes offer. D makes counteroffer to P, rejecting P’s offer. P does nothing. X accepts D’s offer. P is told that X and D have a deal; information is effective to revoke D’s offer to P.

  4. Petterson v. Pattberg and Present Day Rule Classical hard-line case, Petterson v. Pattberg: “The offeror may see the approach of the offeree and know that an acceptance is contemplated. If the offeror can say “I revoke” before the offeree accepts, however brief the interval of time between the two acts, there is no escape from the conclusion that the offer is terminated.” Modern rule: Has performance begun? Reasonable reliance on offer staying open?

  5. Izadi

  6. When is an ad an offer?Pepsi/Harrier and Ford Not an offer-no objective person could have believed an offer had been made for 7,000,000 An offer: clear, definite, explicit, leaving nothing for negotiation (but some courts would say ‘not an offer’ on similar grounds as for Pepsi- ‘reasonable expectation’ is that this isn’t an offer.)

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