| Term | Definition |
|---|---|
§ 1. Contract defined | promise or set of promises for the breach of which law gives a remedy |
§ 3. Bargain defined | an agreement to exchange promises or to exchange a promise for a performance or to exchange performances |
§4. How a promise may be made | in words either written or oral, or inferred wholly or partly from conduct |
§17. Requirement of a bargain | there is a manifestation to the exchange of mutual assent |
§18. Manifestation of mutual assent | requires that each party either make a promise or begin or render a performance |
§19. Conduct as manifestation of assent | may be made wholly or partly by written or spoken words or other acts or failure to act; conduct of a party is no effective unless he intends to engage in the conduct or knows the other party may infer that he assents from his conduct; conduct may manifest assent even if he doesn't assent |
§20. Effect of misunderstanding | no manifestation of mutual assent if parties attach materially different meanings to their manifestations; and the manifestations of the parties are operative in accordance with the meaning attached to them by one of the parties |
§21. Intention to be legally bound | a manifestation of intention that a promise shall not affect legal relations may prevent the formation of a contract |
§22. Mode of assent: Offer & Acceptance | proposal by one party followed by acceptance of another party or parties; may be made even if neither can be identified and even though the moment of formation cannot be determined |
§24. Offer defined | manifestation of willingness to enter into a bargain, made so other party understands there will be a contract if he assents |
§26. Preliminary negotiations | manifestation of willingness to enter into a bargain is not an offer if the person whom is addressed knows or has reason to know that the person making it doesn't intend to conclude a bargain until he's made a further manifestation of assent |
§27. Existence of contract where written memorial is contemplated | if you have formal written offer, it seems to be past preliminary negotiations |
§29. To whom an offer is addressed | intention of the offeror determines the person in whom it's created a power of acceptance; offer may create a power of acceptance in a specified person or persons; offer can only be accepted by the person(s) it is intended for |
§23. Necessity that manifestations have reference to each other | essential to a bargain that each party manifests assent with reference to the manifestation of the other |
§30. Form of acceptance invited | an offer may be accepted by an affirmative answer in words, by performing or refraining from performing specified act, or may empower the offeree to make a selection of terms in his acceptance; unless specified, an offer is accepted in any manner reasonable |
§32. Invitation of a promise or performance | in case of doubt, an offer is interpreted as inviting the offeree to accept by either promising to perform what offer requests, or by rendering the performance as the offeree chooses |
§50. Acceptance of offer defined; acceptance by performance; acceptance by promise | acceptance of an offer is a manifestation of mutual assent to the terms of the offer; can accept by performance (unilateral contract) or by a return promise (bilateral contract) |
§51. Effect of part performance without knowledge of offer | offeree that has learned of an offer after performing part of it can accept by completing the performance |
§52. Who may accept an offer | accepted by only to whom offer is addressed |
§53. Acceptance by performance; manifestation of intention not to accept | offer can be accepted by rendering of a performance only if offer accepts; not accepted if told within reasonable amount of time by offeree; not accepted if offeree manifests intention not to accept before offeror performs promise |