This lesson deals with the duration of offers. The existence of an offer is often an essential element of the bargaining process. Sometimes the offeree’s power of acceptance will end so that the offer is no longer valid. This lesson will look at termination of the power of acceptance by termination, revocation and counteroffer, rejection, […]

This exercise deals with offer, an essential element of the bargaining process. There are basically three requirements to establish an offer: (1) intent; (2) definiteness; and (3) communication to the offeree. via Offer | Center for Computer-Assisted Legal Instruction.

Traditional contract law classifies contracts into bilateral and unilateral contracts. Bilateral contracts are those involving promises made by all parties, whereas unilateral contracts involve promises made by only one of the parties. This lesson explores the distinction between bilateral contracts (where both parties make promises) and unilateral ones (where only one party makes a promise) […]

Contracts are sometimes referred to as express or implied. Implied contracts are in turn often referred to as contracts implied-in-fact or implied-in-law. The difference between express contracts and implied-in-fact ones results from the conduct of the party in making the promise constituting the assent to the contract. Implied-in-law or quasi-contracts, however, are not really contracts […]

This lesson looks at formal preliminary agreements, often titled letters of intent or memorandums of understanding. Often parties sign a formal preliminary agreement at the beginning of negotiations without the intention of being bound to the transaction as a whole prior to the completion of a formal agreement. However, the formal preliminary agreement may bind […]

This lesson looks at the process of negotiations discussing the terms of a contract when the parties contemplate a final written agreement. Often the intention is to put the terms into a final definitive writing and for the contract not to arise until signed. Other times, parties may actually agree to the terms of a […]

This lesson explores invitations to negotiate/preliminary negotiations and other statements and expressions that are not offers, including advertisements, invitations to bid, price quotations and statements of intention. Determining whether a particular communication is an offer or preliminary negotiation (a matter determined according to the surrounding circumstances) prior to the formation of contract is essential to […]

This lesson explores one of the fundamental requirements for contract formation, mutual assent. Mutual Assent is a mutual manifestation of assent to the terms of an agreement. This lesson looks at how parties establish mutual assent, including manifestations of mutual assent by words and conduct and the effect of misunderstanding. However, the attributes of offer […]

This lesson deals with contract formation. Students are given a series of hypothetical problems dealing with basic contract law as reflected in Restatement of Contracts (Second) and the Uniform Commercial Code. Coverage includes: intent to contract, definiteness, options, rejection, revocation, counteroffer, lapse, consideration, promissory estoppel, moral obligations, and accord and satisfaction. The program not only […]

This lesson deals with contract formation. Students are given a series of hypothetical problems dealing with basic contract law as reflected in Restatement of Contracts (Second) and the Uniform Commercial Code. Coverage includes: intent to contract, definiteness, options, rejection, revocation, counteroffer, lapse, consideration, promissory estoppel, moral obligations, and accord and satisfaction. The program not only […]