CONTRACT LAW
I. DEFINITION
A contract has been defined as “an agreement between two or more persons consisting of a promi or mutual promis which the law will enforce or the performance of which the law in some way recognized as a duty”. A contract has also been defined as “a promi or a t of promis for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty”.
The esnce of a contract is mutuality. A contract requires an agreement between two or more persons. It is impossible for one person to make contract or for two persons to contract if they have not agreed on the terms of the contract. A common expression of the requirement of mutuality is that there must be a “meeting of minds”. This generally recognizes that parties to a contract must come to some understanding that has similar, if not identical, implications in their minds.
Another esntial element of a contract is the idea of a bargained exchange. A gratuitous promi is usually not enforceable as a contract. For example, if I promi to give you $500 and you say you’ll take it, a contract is not formed. A gratuitous promi does not create a meeting of the minds but merely shows an intention on my part to do something that I may or may not follow through on.
II. CLASSIFICATION
卖出价Formal and informal contracts
A formal contract is one that is binding becau of the form of the contract. Formal contracts include contracts under al, negotiable instruments, and such.
Express and implied
Express contracts are formed where the agreement of the parties is in oral or written form. If the agreement of the parties and its terms are inferred from their actions, the contract is said to be implied or implied in fact.
Unilateral and bilateral
A unilateral contract is a contract is in which a promi of one party is exchanged for performance by the other party. A bilateral contract is one in which each party makes a promi to the other.
Executed and executory
An executed contract is one in which all parties have performed their obligations under the contract. An executory contract is one in which the performances have not been completed.
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Voidable, valid and void
A contract that is voidable is one in which one of the parties has a right to lect to avoid or disaffirm his or her obligation, e.g., a contract entered into by a minor. Unless the lection is made, the law will enforce the contractual obligation. A valid contract is one which is either voidable nor void. A void contract is a nullity from its inception.
III. OFFER AND ACCEPTANCE
a. Offer军训口号
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Generally, in order for a contract to be formed, one party must take an offer to the other. The party making the offer is called the offeror; the party receiving the offer is called offeree. A statement that purports to be an offer must be definite and certain and must show the intent to make an offer. A statement by an individual to another like “I would like to ll you my car for $100. Do you wish to purcha it?” is a definite and certain offer showing intent. A statement like “I am thinking about lling my car for $100” is not an offer becau it lacks certainty as to the offeror’s intent to ll.
The intent of the offeror to make an offer is of primary importance. Though it is impossible to know what is happening in the mind of an individual, one can look to circumstances surrounding the transaction to determine the intent of the offeror. Courts u an objective standard to determine intent. If a reasonable person would interpret the statements and circumstances to create an offer, it will be interpreted as such even where the offeror had 麻辣烫的配料>弱电设计
not intended to make an offer.
Communication is a cond important element of an offer. The communication need not be words, but the offeree must be aware of the offer. A person who is not aware of the offer cannot accept it.
Termination of an offer occurs with the occurrence of one of veral events: acceptance by the offeree, revocation by the offeror, rejection by the offeree, death or insanity of the offeror or offeree, subquent illegality of the subject matter of the offer, destruction or prior sale of the subject matter, expiration of the time stated in the offer, or expiration of a reasonable period of time.
b. Acceptance
The nature of acceptance is strictly defined. An acceptance must conform to the terms of the offer. An acceptance that makes only minor changes will not be considered a rejection. The specific determination of whether a change is a major or minor one is a ma
tter of fact that has to be determined in each situation. An acceptance that adds terms may operate either as an acceptance or a rejection. If the additional terms are major, the acceptance will operate as a rejection of the original offer and become a counteroffer. If the new terms are minor in comparison with the rest of the contract, then the acceptance will be effective.
