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The objectives below are tasks that you should be able to complete following the chapter coverage, or questions that you should be able to answer. Chapter
9 – Contract Formation Introduction & Section 1 1. Define a contract a. Explain the objective theory of contracts b. Differentiate application of common law contract rules from application of the Uniform Commercial Code Section 2 2. List the elements of a contract and defenses to the enforceability of a contract Section 3
3.
Apply the contract terms found in the textbook, Exhibits 9-1 Section 4 4. Explain the requirements of a valid offer - serious intention, reasonable definiteness and communication
a. 1) Explain the serious intention requirement as it applies to advertisements, expressions of opinion, preliminary negotiations, and agreements to agree.
b. c. Explain termination of an offer as summarized in concept summary 9.2 5. Explain acceptance of an offer, especially the mirror image rule and silence as acceptance Section 5 6. Apply the basic concept of consideration, bargained for legal value a. Explain why preexisting duties or past consideration do not satisfy the consideration requirement b. Apply the doctrine of promissory estoppel Section 6
7. Explain the concept of contractual capacity Section 7 8. Apply the concept of legality as it applies to usury and contracts contrary to public policy a. Explain case 9.4, Stultz v. Safety and Compliance, in terms of agreements not to compete Section 8 9. Explain the concept of genuine assent a. Apply the rules regarding unilateral and bilateral mistake, and fraud
b. Explain
Section 9
10.
Describe the statute of frauds and identify agreements that must be in w |
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