Contract Formation

Question 1

What is contract law?

Answer 1

a body of law addressing how to deal with broken promises

Question 2

What is the definition of a contract?

Answer 2

A contract is a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. — Restatement (2nd) of Contracts §1

Question 3

What is the definition of a promise?

Answer 3

A promise is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made. - Restatement (2nd) of Contracts §2(1)

Question 4

What are the elements of a promise?

Answer 4

1) Manifestation of Intent
2) To act or refrain from acting
3) So made as to justify a commitment has been made

Question 5

What are the basic rules of contract interpretation?

Answer 5

first step: Determine intent of parties
1) Plain meaning
2) Technical meaning
3) Surrounding circumstances

Question 6

What are the three parts of contract formation?

Answer 6

1) Offer
2) Acceptance
3) Consideration

Question 7

What are the two principles of Contract Law?

Answer 7

1) Equity and Fairness
2) Freedom of Contract

Question 8

What does the formation of a contract require?

Answer 8

The formation of a contract requires a bargain in which
there is a manifestation of mutual assent to the exchange and
consideration.” – Restatement (2nd) of Contracts §17(1)