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Author Topic: stupid but fundamental question: what EXACTLY is a contract?  (Read 1247 times)

jellybean00

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stupid but fundamental question: what EXACTLY is a contract?
« on: December 07, 2008, 01:27:03 PM »
aside from exceptions like promissory estoppel and material benefit rule... what exactly are the NECESSARY components of a traditional contract?

just consideration?

meeting of the minds + consideration?

consideration + offer and acceptance?

i feel like every time i read another case or chapter, the requirements of a contract are defined in a slightly different way.

i'm so confused.


resipsaloquitur

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Re: stupid but fundamental question: what EXACTLY is a contract?
« Reply #1 on: December 07, 2008, 02:17:34 PM »

Here is your framework:  O + A + C = K  (Offer + Acceptance + Consideration = Contract)

Deal with each element on its own terms, but don't lose sight of that big picture.

dischord

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Re: stupid but fundamental question: what EXACTLY is a contract?
« Reply #2 on: December 07, 2008, 02:30:15 PM »
That's covered by offer and acceptance, I believe. 

Although don't listen to me, I'm pretty sure I'm going to fail.
At least I can f-ing think.

resipsaloquitur

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Re: stupid but fundamental question: what EXACTLY is a contract?
« Reply #3 on: December 07, 2008, 02:40:48 PM »
PJH, you have the right idea.  Mutuality of assent can indeed be dealt with under the element of Offer (e.g. whether an offer ever existed or whether an offer has been revoked) and the element of Acceptance.

Don't mess with the simplicity of the formula.  Don't add more trees to the forest.


dischord

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Re: stupid but fundamental question: what EXACTLY is a contract?
« Reply #4 on: December 07, 2008, 02:43:19 PM »
 ;D

Not failing.
At least I can f-ing think.

dischord

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Re: stupid but fundamental question: what EXACTLY is a contract?
« Reply #5 on: December 07, 2008, 04:03:58 PM »
PJH, you have the right idea.  Mutuality of assent can indeed be dealt with under the element of Offer (e.g. whether an offer ever existed or whether an offer has been revoked) and the element of Acceptance.

Don't mess with the simplicity of the formula.  Don't add more trees to the forest.



Well, my prof. treats them as separate, so I treat them as separate.

Fair enough, my prof basically defined offer and acceptance as expressions of assent.
At least I can f-ing think.

Jake_MONDATTA

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Re: stupid but fundamental question: what EXACTLY is a contract?
« Reply #6 on: December 07, 2008, 04:55:01 PM »
I echo the last post with regard to meeting of the minds.  Our prof has told us repeatedly that this notion is outdated.  In fact, he told us the notion is outdated several times before he told us what it actually means.

Jake_MONDATTA

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Re: stupid but fundamental question: what EXACTLY is a contract?
« Reply #7 on: December 07, 2008, 05:32:31 PM »
they do?

resipsaloquitur

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Re: stupid but fundamental question: what EXACTLY is a contract?
« Reply #8 on: December 07, 2008, 05:33:05 PM »