Contract Law Jody Blanke, Professor Computer Information Systems and Law Mercer University, Atlanta

Contract Law As Private Law Willing parties can agree to do most anything Freedom of contract “Meeting of the minds”

Private Law Contract between Major League Baseball and the Players Association - Collective Bargaining Agreement (311 page PDF file) “free agent” “salary cap” “luxury tax” NHL (a league that used to play ice hockey in Canada and the U.S.)

Uniform Commercial Code Poster child of uniform laws Adopted in 49½ states Very successful Facilitates the ease of doing business First place to look for “the law” then, other state statutes then, state case (common) law – safety net

Basic Requirements An agreement between the parties Consideration Capacity Legality

Agreement – The Offer Offeror must have intention to be bound by offer e.g., kick the tire Terms must be reasonably definite and certain can be written, oral or implied can come from prior dealings or usage of trade Offer must be communicated to offeree e.g., reward for lost dog

Figurative “Death” of an Offer “Natural causes” – lapse of time “Suicide” – revocation “Murder” – rejection Counteroffer = rejection + offer “Execution” – by operation of law change in law terminates offer

Literal Death of An Offer The offeror dies The offeree dies Destruction of subject matter