Federal
State/Local
____________
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UCC • Comprehensive Code of Commercial Law • Enacted in every state (except Louisiana)
*Exam Tip*
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Basic Ks 101
________
Elements
Mutual Assent + Consideration
Basic Ks 101
________
Explained
Mutual Assent
Offer
__________
Acceptance
Subjective Objective
INTENT held by parties
What parties think & assume
Intent to Contract
“Meeting of the Minds”
Objective Modern
Standard
RII §24 – “An offer is the manifestation of willingness to enter into a bargain…” Definition
Manner of Agreement
Objective Mutual Assent ___________
Express K
Implied-in-Fact K
Silence as Acceptance
______________
Implied-in-Fact K Day Property
_________
Caton Property
Could this also be an
Implied-‐in-‐Law K?
Work hard, Be honest, Be respectful, Love learning.
_________
See you next week!
“The time is always right to do what is right”
- MLK Jr.