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Contract Formation_v.2

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CONTRACT FORMATION

CONTRACT I – FALL 2023

Manifestation of intention to be
bound

Serious, detailed & definite


Has an enforceable contract been formed?

Offer
Is there mutual assent?
Power & limits on revocation

Bilateral: via promise


Acceptance
Unilateral: via performance
Benefit/ Detriment

Is there consideration? Bargained for Exchange

Past performance, moral consideration,


conditional gift, illusory promise & gross insufficiency

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