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8.3 Types of Commercial Contracts Express and implied-in-fact Executory and executed Unilateral and bilateral Valid, void, voidable Unenforceable
Citation preview
8.1
Chapter 8
Introduction to Contracts and Their
FormationContract
© 2003 by West Legal Studies in Business/A Division of Thomson Learning
8.2
Sources of Commercial Law
Common law Restatement of Contracts Uniform Commercial Code Civil law Suppletory law CISG UETA
8.3
Types of Commercial Contracts
Express and implied-in-
fact
Executory and executed
Unilateral and bilateral
Valid, void, voidable
Unenforceable
8.4
E-Commerce Contracting Models
Information exchange model Mutual assent model Consideration model Performance model
Contract
8.5
Types of Online Contracts
Business-to-business (B2B) Business-to-consumer (B2C) Consumer-to-consumer (C2C)
8.6Classification of Subject Matter
Goods
Tangible personal property Records
Documents to effect communication for contracting purposes
Electronic records Specific records created, generated,
sent, communicated, received, or stored by electronic means
8.7
Concluding the Agreement
1. Mutual assent• Parties must agree on terms
2. Form contracting• Has effectively eliminated transaction
costs of negotiation
3. Boilerplate• Standardized terms that consumers
have little power to change
8.8
Offers
• Proposal to contract• Confers power of acceptance• Made via oral, written or gestures• Advertisements, catalogs and price
lists are invitations to negotiate, not offers
8.9
Termination of Offers
Lapse of time Passage of either reasonable or
specified time Revocations
Irrevocable offers, option contracts, firm offers
Rejection Acceptance
8.10
Contract Formation under the UCC
Auctions Online auctions E-B2B exchanges Shrink-wrap agreements Click-wrap agreements
8.11
Electronic Data Interchange
EDI Trading partner agreement Model EDI Trading Partner
Agreement
8.12
Terms of the Agreement
Mirror-image rule Battle of the forms Material terms Highly material terms Open terms Gap-filling terms
8.13
Consideration Tests for the presence of consideration
Legal detriments or legal benefits Forbearance
Mutuality of obligation Detriment to the promisee Legal benefit of the promisor
Unenforceable promises Illusory Preexisting legal duty Accord and satisfaction
8.14
Promises Enforceable Without Consideration
Promissory estoppel Consideration not required Can be enforced to provide justice
Charitable contributions Charities take actions based on
pledged contributions Failure to make contributions harms
the charity
8.15
Questions & Discussion