US contract Law at Universität Bochum

Flashcards and summaries for US contract Law at the Universität Bochum

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Study with flashcards and summaries for the course US contract Law at the Universität Bochum

Exemplary flashcards for US contract Law at the Universität Bochum on StudySmarter:

What is a contract? Definition and elements 

Exemplary flashcards for US contract Law at the Universität Bochum on StudySmarter:

How do you create a contract? (first two requirements)

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Definition of a binding contract

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Exemplary flashcards for US contract Law at the Universität Bochum on StudySmarter:

What do we check if we check the Meeting of the minds?

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How do we determine the Mutual assent?

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What is a offer?

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F.O.B.?

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Exemplary flashcards for US contract Law at the Universität Bochum on StudySmarter:

What is an incoterm?

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How are the parties to an Offer called?


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What is the effect of the Revocation (termination) of the Offer? 


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How to examine if there is an Offer? (3)

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What is the expectation of a promise, undertaking or commitment to enter into a contract? (Offer requirement)

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Exemplary flashcards for US contract Law at the Universität Bochum on StudySmarter:

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.

  1. voluntary, consensual relationship of two or more parties
  2.  intent to be bound
  3. exchange relationship
  4. promise 
  5. enforceability 

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)

  1. Is there an expectation of a promise, undertaking or commitment to enter into a contract?
  2. Were there certainty and definiteness in the essential terms?
  3. Was there communication of the above to the offeree? 

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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