Introduction to Contracts and Their Formation. “It’s a deal, I’ll take it”. OBE-118, Section 10 Fall 2004. These four are sometimes called the elements. “Defenses” to Formation. Basic Elements of a Contract. Usually looked at as six elements Agreement (or “Mutual Assent”)
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
“It’s a deal, I’ll take it”
OBE-118, Section 10
“Defenses” to FormationBasic Elements of a Contract
Usually looked at as six elements
Agreement (or “Mutual Assent”)
Genuineness of assent
Writing and Form
Basic Elements of an offer
“Okay but only if…”
“Yes if you increase the the price by…”
Operation of Law?
Was offer non-revocable?
Termination by Counteroffer