US Contract Law an der Universität Bochum | Karteikarten & Zusammenfassungen

Lernmaterialien für US contract Law an der Universität Bochum

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TESTE DEIN WISSEN

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

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= 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).

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elements of a binding contract (6)

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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

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

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Intention of the parties —> was there a mutual assent?

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How do we determine the Mutual assent?

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by the apparent intention he or she outwardly manifests to the other party 

—> secret intention is immaterial / actual intention / the subjective are not considered 

------> except when an unreasonable meaning which he attaches to his manifestations is known to the other party


Even if the party seeking to avoid the contract “could not possibly have understood” it

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What is a offer?

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= 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.

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F.O.B.?

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= 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.


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What is an incoterm?

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= International Commercial Terms

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How are the parties to an Offer called?


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Offeree = receiving the offer 

Offeror = making the offer


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


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Revocation terminates the offeree’s power to accept the offer 


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Offer requirements ? (3)

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  1. Apparent intention he or she outwardly manifests to the other party (different, secret intention is immaterial) to be bound 
  2. Were there certainty and definiteness in the essential terms?
  3. Was there communication of the above to the offeree? 
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essential terms? (of the offer) 

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  1. Identity of the Offeree
  2. Subject matter
  3. Price / time / Quantity / What the acceptance must be like
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What is a contract? Definition and elements (6)

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= 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 
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Beispielhafte Karteikarten für deinen US contract Law Kurs an der Universität Bochum - von Kommilitonen auf StudySmarter erstellt!

Q:

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

A:

= 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).

Q:

elements of a binding contract (6)

A:

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

Q:

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

A:

Intention of the parties —> was there a mutual assent?

Q:

How do we determine the Mutual assent?

A:

by the apparent intention he or she outwardly manifests to the other party 

—> secret intention is immaterial / actual intention / the subjective are not considered 

------> except when an unreasonable meaning which he attaches to his manifestations is known to the other party


Even if the party seeking to avoid the contract “could not possibly have understood” it

Q:

What is a offer?

A:

= 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.

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Q:

F.O.B.?

A:

= 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.


Q:

What is an incoterm?

A:

= International Commercial Terms

Q:

How are the parties to an Offer called?


A:

Offeree = receiving the offer 

Offeror = making the offer


Q:

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


A:

Revocation terminates the offeree’s power to accept the offer 


Q:

Offer requirements ? (3)

A:
  1. Apparent intention he or she outwardly manifests to the other party (different, secret intention is immaterial) to be bound 
  2. Were there certainty and definiteness in the essential terms?
  3. Was there communication of the above to the offeree? 
Q:

essential terms? (of the offer) 

A:
  1. Identity of the Offeree
  2. Subject matter
  3. Price / time / Quantity / What the acceptance must be like
Q:

What is a contract? Definition and elements (6)

A:

= 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

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