1. Professor Paul J. Carrier
Contracts I Class 3
Professor Paul J. Carrier
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2. Main Topics of Contracts I
1. We are still in “Formation” (Week 3 of 7 weeks)
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3. Main Topics of Contracts I
1. We are still in “Formation” (Week 3 of 7 weeks)
2. Last time: the three components of Acceptance
MYLEGS.org ©2018 Paul J. Carrier

4. Main Topics of Contracts I
1. Formation (7 weeks) – briefly review
2. Last time: the three components of Acceptance
3. These are: current intent (objective); communicated; some form of definiteness of terms – same as the components of offer? (pretty close)
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5. Main Issues of Class 2 1. Formation (7 weeks) – briefly review
2. Last time: the four elements and the first one: the OFFER
3 These are: current intent (objective); communicated; some form of definiteness of terms – same as the components of offer? (pretty close)
4. a) current intent (objective) - same
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6. Main Issues of Class 2 (& 3)
1. Formation (7 weeks) – briefly review
2. Last time: the four elements and the first one: the OFFER
3. current intent (objective); communicated; definiteness of terms? – same as the components of offer? (pretty close….)
4. a) current intent (objective) – same
b) communicated** – same, but a few new laws, changes, issues to consider
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7. Main Issues of Class 2 1. Formation (7 weeks) – briefly review
2. Last time: the four elements and the first one: the OFFER
3. current intent (objective); communicated; definiteness of terms? – same as the components of offer? (pretty close….)
4. a) current intent (objective) – same
b) communicated** – same, but a few new laws, changes, issues to consider
c) responsive (could be “mirror image;” could be “close enough”)
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8. Main Issues of Class 2 & 3 1. Formation (7 weeks) – briefly review
2. Last time: the four elements and the first one: the OFFER
3. current intent (objective); communicated; definiteness of terms? – same as the components of offer? (pretty close….)
4. a) current intent (objective) – same
b) communicated** – same, but a few new laws, changes, issues to consider
i) how offeror expects it, if specified
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9. Main Issues of Class 3 1. Formation (7 weeks) – briefly review
2. Last time: the four elements and the first one: the OFFER
3. current intent (objective); communicated; definiteness of terms? – same as the components of offer? (pretty close….)
4. a) current intent (objective) – same
b) communicated** – same, but a few new laws, changes, issues to consider
i) how offeror expects it, if specified
ii) mailbox rule, if not specified
MYLEGS.org

10. Main Issues of Class 3 1. Formation (7 weeks) – briefly review
2. Last time: the four elements and the first one: the OFFER
3. current intent (objective); communicated; definiteness of terms? – same as the components of offer? (pretty close….)
4. a) current intent (objective) – same
b) communicated – same, but a few new laws, changes, issues to consider
i) how offeror expects it, if specified
ii) mailbox rule, if not specified
iii) no mailbox rule if specified or an option contract
MYLEGS.org

11. Main Issues of Class 3 1. Formation (7 weeks) – briefly review
2. Last time: the four elements and the first one: the OFFER
3. current intent (objective); communicated; definiteness of terms? – same as the components of offer? (pretty close….)
4. a) current intent (objective) – same
b) communicated – same, but a few new laws, changes, issues to consider
i) how offeror expects it, if specified
ii) mailbox rule, if not specified
iii) no mailbox rule if specified, or an option contract
iv) must be still open (not revoked, lapsed, rejected, counter-offered, death or incapacity of either… )
for a good list, see Restatement (Second) Contracts §§ 38, 39, 41, 42, 43, & 48
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12. Interesting Distinction
Common law option contracts
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13. Common law option contracts
Expressly created – look for separate consideration (or statement of same paid)
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14. Common law option contracts
Expressly created – look for separate consideration (or statement of same paid)
Fla. Stat. version in (same as U.C.C ) Firm Offer
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15. Common law option contracts
Expressly created – look for separate consideration (or statement of same paid)
Fla. Stat. version in (same as U.C.C ) Firm Offer
Made by a Merchant
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16. Common law option contracts
Expressly created – look for separate consideration (or statement of same paid)
Fla. Stat. version in (same as U.C.C ) Firm Offer
Made by a Merchant
If in writing (this includes attribution to who made it)
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17. Common law option contracts
Expressly created – look for separate consideration (or statement of same paid)
Fla. Stat. version in (same as U.C.C ) Firm Offer
Made by a Merchant
If in writing (this includes attribution to who made it)
THEN…….
It need not be supported by consideration (the third element, covered later)
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18. Common law option contracts
Expressly created – look for separate consideration (or statement of same paid)
Fla. Stat. version in (same as U.C.C ) Firm Offer
Made by a Merchant
If in writing (this includes attribution to who made it)
THEN…….
It need not be supported by consideration (the third element, covered later)
Interesting on Two Bases:
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19. Common law option contracts
Expressly created – look for separate consideration (or statement of same paid)
Fla. Stat. version in (same as U.C.C ) Firm Offer
If in writing
If signed by the party against whom it is being enforced
THEN…….
It need not be supported by consideration (the third element, covered later)
Interesting on Two Bases:
1. it does not fall within the application of the “Mailbox Rule” (Class 3)
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20. Common law option contracts
Expressly created – look for separate consideration (or statement of same paid)
Fla. Stat. version in (same as U.C.C ) Firm Offer
If in writing
If signed by the party against whom it is being enforced
THEN…….
It need not be supported by consideration (the third element, covered later)
Interesting on Two Bases:
1. it does not fall within the application of the “Mailbox Rule” (Class 3)
2. U.C.C. version does not need consideration (Chapter V – Class 5)
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