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Jana Slavina
Mind Map by , created more than 1 year ago

Bar Exam CONTRACTS (MUTUAL ASSENT - OFFER AND ACCEPTANCE) Mind Map on OFFER: DEFINITENESS OF SUBJECT MATTER, created by Jana Slavina on 26/01/2015.

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Jana Slavina
Created by Jana Slavina about 10 years ago
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OFFER: DEFINITENESS OF SUBJECTMATTERREQUIREMENTS FOR SPECIFIC TYPES OF CONTRACTSREAL ESTATE TRANSACTIONSLAND must be identifiedwith some particularity,but deed description isnot required ("my housein Danbury" is sufficient)PRICE TERMS -mostcourts will not supplya missing priceSALE OF GOODSQUANTITY must be certain orcapable of being made certain"REQUIREMENT" CONTRACT -buyer promises to buy all thegoods that buyer requires, andseller agrees."OUTPUT" CONTRACT -seller promises to sell allthe goods it produces,and buyer agrees to buythat amountGOOD FAITH REQu/iREMENT - there maynot be a tender of remand for a quantityunreasonably disproportionate to (1)any stated estimate; or (2) normal orcomparable prior output orrequirements.SERVICESNATURE OF WORKMISSING TERMSMajority of jurisdictions andArt 2 hold that court maysupply reasonable missingtermsNo Price is okunless sale oflandFor sale of goods (Art2) - price will bereasonable price atthe time of deliveryVAGUE TERMS will not beenforced, as the contract willbe to vague to endorse, butuncertainty may be cured byperformance that clarifies thevague term, or by acceptanceof full performanceTERMS TO BE AGREED UPON LATER - OK, as long as notmaterial terms, then the offer is considered TOO UNCERTAINDouble click this nodeto edit the textClick and drag this buttonto create a new node