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

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

3. 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.)

4. 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

5. Basic Requirements An agreement between the parties Consideration
Capacity
Legality

6. 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

7. 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

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