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US contract Law
What is a contract? Definition and elements
= A contract is a promise or a set of promises, for breach of which the law gives a remedy, or the performance of which the law in some way recognizes a duty.
US contract Law
How do you create a contract? (first two requirements)
= When creating a contract there usually is some form of negotiation, during which, at some point, one party makes a proposal (an offer) and the other agrees (an acceptance).
US contract Law
Definition of a binding contract
A contract is binding if there is an offer, acceptance, consideration, mutual assent, an intent to be bound, and both sides agree on all the essential terms
US contract Law
What do we check if we check the Meeting of the minds?
Intention of the parties —> was there a mutual assent?
US contract Law
How do we determine the Mutual assent?
A contracting party is bound by the apparent intention he or she outwardly manifests to the other party —> different, secret intention is immaterial
No consideration of the actual intention / the subjective will of the party. Even if the party seeking to avoid the contract “could not possibly have understood” it.
US contract Law
What is a offer?
= An offer creates a power of acceptance in the offeree and a corresponding liability on the part of the offeror. For a communication to be an offer, it must create a reasonable expectation in the offeree that the offeror is willing to enter into a contract on the basis of the offered terms.
US contract Law
F.O.B.?
= Free on board (incoterm)
FOB specifies at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer
The term FOB is also used in modern domestic shipping within the United States to describe the point at which a seller is no longer responsible for shipping costs.
US contract Law
What is an incoterm?
= International Commercial Terms
US contract Law
How are the parties to an Offer called?
Offeree = receiving the offer
Offeror = making the offer
US contract Law
What is the effect of the Revocation (termination) of the Offer?
Revocation terminates the offeree’s power to accept the offer
US contract Law
How to examine if there is an Offer? (3)
US contract Law
What is the expectation of a promise, undertaking or commitment to enter into a contract? (Offer requirement)
= apparent intention he or she outwardly manifests to the other party (different, secret intention is immaterial)
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