Into the Unknown
American Contract Law IYale University We all enter contracts every day, contracting is never something only happens between firms or merchants, it is all over the place. When you order food at a restaurant, when you click Accept button on a website, when you make a promise, … probably your next act or utterance will…
What happens when an offeree attempts to accept an offer while modifying the terms? In the case Minneapolis & St. Louis Railway v. Columbus Rolling-Mill, the court held that, “A proposal to accept, or an acceptance, upon terms varying from those offered, is a rejection of the offer, and puts an end to the negotiation,…
Mutual Assent Mutual ascent describes an agreement between two parties that intend to form a contract. Parties often have extensive negotiations before signing the contract. These negotiations happen over time that are subject to the parties’ choice and are not predetermined by law or circumstance. Individuals don’t have to be bound by contractual promises unless…
Requirements Contracts & Output Contracts A requirements contract is a form of contract where a seller agrees to supply all of a purchaser’s requirements in exchange for a promise that the purchaser will buy exclusively from that seller. An output contract is, in a sense, the reverse situation. A buyer agrees to purchase all of the supplier’s…
Recall that consideration is a traditional prerequisite for forming a contract. When it comes to a promise, the court might find that there was consideration, like in the classic chestnut of case Hamer vs Sidway. However in the case Kirksey vs Kirksey, the court considered a promise that lacked consideration, which is called a gratuitous promise….
Unconscionability Can courts declined to enforce unconscionable contracts? And how to decide whether contracts are unconscionable? If the court finds as a matter of law… any clause of the contract to have been unconscionable at the time it was made, the court may refuse to enforce the contract… Uniform Commercial Code, 2-203 According to the UCC, the…
The law of contracts is both judge made (based on past decisions) and legislature made (based on statues), all 50 states have enacted major parts of the Uniform Commercial Code or UCC. The UCC governs the sale of goods. The contract to pay money for a service, is likely to be governed by common law,…