Contract Law Chart

Basic Rules & Elements of Contract Law | Common Law | UCC | CISG |

Offer | Binding when definite offer is met by unqualified acceptances * Mirror Image Rule | Agreement sufficient to constitute a contract can exist even if the moment of its making is undetermined.Will not fail for indefiniteness even if one or more terms are left on as along as both are met: * Intent to make a contract * Reasonably certain basis for the court to grant a remedy.Open prices/payment/delivery | |

Revoking the Offer | Can be revoked any time before acceptance unless an option contract, firm offers, and those who receive consideration to keep the offer open | Firm-offeror- gives assurances that the offer will remain open. Must be written and signed by offeror | An offer can become irrevocable without a signed writing. Also irrevocable if: * The offeror states orally that is offer is irrevocable * The offeree reasonable relies on the offer as being irrevocable |

Acceptance | Unilateral: acceptance through beginning performanceBilateral: When promise is made, communication is necessary | Prompt promise to ship or by the prompt or current shipment of conforming or nonconforming goods. If offeror is not notified has accepted by performance, offeror can treat offer as having lapsed before acceptance. | Created not at the time of acceptance is transmitted but only on its receipt by the offeror |

Mirror Image Rule | Terms of acceptance match exactly those to the offer | Dispensed – can contain additional terms/different terms. If party is Merchant- no additional terms | Can contain additional terms, unless the additional terms materially alter the contract. (Includes almost any changes in terms though). |

Mailbox Rule | Authorized mode of communication- when dispatchedUnauthorized mode- when received | Requires notification. | |

Consideration | Contract modifications must be supported by new consideration | Modification of a contract for the sale of goods does not...