Term
| U.C.C. §2-204 (1) Formation in General |
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Definition
| "A contract for the sale of goods may be made in any manner sufficient to show agreement, even if terms are left open and the precise moment of its making is undetermined." |
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Term
| U.C.C. §2-204 (2) Formation in General |
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Definition
| An agreement sufficient to constitute a contract for sale may be found even though the moment of its making is undetermined. |
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Term
| U.C.C. §2-204 (3) Formation in General |
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Definition
| Even though one or more terms are left open a contract for sale does not fail for indefiniteness if the parties have intended to make a contract and there is a reasonable certain basis for giving an appropriate remedy. |
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Term
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Definition
| "An offer by a merchant to buy or sell goods in a signed record that assures the offeree that the offer will remain open and is not revocable, for lack of consideration, for the time stated or a reasonable time, but no longer than three months. ; but any such term of assurance on a form supplied by the offeree must be separately signed by the offeror. If consideration is given the offer can remain open for longer than three months" |
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Term
| U.C.C. § 2-207 (1) Additional Terms in Acceptance or Confirmation |
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Definition
| "(1) A definite and seasonable expression of acceptance or a written confirmation which is sent within a reasonable time operates as an acceptance even though it states terms additional to or different from those offered or agreed upon, unless acceptance is expressly made conditional on assent to the additional or different terms." |
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Term
| U.C.C. § 2-207 (2) Additional Terms in Acceptance or Confirmation |
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Definition
| (2) The additional terms are to be construed as proposals for addition to the contract. Between merchants such terms become part of the contract unless: (a) the offer expressly limits acceptance to the terms of the offer; (b) they materially alter it; or (c) notification of objection to them has already been given or is given within a reasonable time after notice of them is received. |
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Term
| U.C.C. § 2-207 (3) Additional Terms in Acceptance or Confirmation |
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Definition
| "(3) Conduct by both parties which recognizes the existence of a contract is sufficient to establish a contract for sale although the writings of the parties do not otherwise establish a contract. In such case the terms of the particular contract consist of those terms on which the writings of the parties agree, together with any supplementary terms incorporated under any other provisions of this Act." |
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Term
| Restatement (Second) §24 Offer Defined |
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Definition
| An offer is the manifestation of willingness to enter a bargain made in such a way that another persons assent to that bargain is invited and will conclude it |
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Term
| Restatement (Second) §25 Option Contracts |
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Definition
| An option contract is a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke and offer. |
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Term
| Restatement (Second) §45 Option Contract Created by part Performance or Tender |
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Definition
| "(1) Where an offer invites an offeree to accept by rendering a performance and does not invite a promissory acceptance, an option contract is created when the offeree tenders or begins the invited performance or tenders a beginning of it. (2) The offeror's duty of performance under any option contract so crated is conditional on completion or tender of the invited performance in accordance with the terms of the offer." |
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Term
| Restatement (Second) §90 Promise Reasonably Inducing Action or Forbearance |
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Definition
| (1) A promise which the promisor should reasonably expect to induce action or forbearance on the part of the promisee or a third person and which does induce such action or forbearance is binding if injustice can be avoided only by enforcement of the promise. The remedy granted for breach may be limited as justice requires. (2) A charitable subscription or a marriage settlement is binding under Subsection (1) without proof that the promise induced action or forbearance. |
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Term
| Restatement (Second) §87 Option Contract |
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Definition
| "(1) An offer is binding as an option contract if it : (a) is in writing and signed by the offeror, recites a purported consideration for the making of the offer, and proposes an exchange on fair terms within a reasonable time; or (b) is made irrevocable by statute. (2) An offer which the offeror should reasonably expect to induce action or forbearance of a substantial character on the part of the offeree before acceptance and which does induce such action or forbearance is binding as an option contract to the extent necessary to avoid injustice." |
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Term
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Definition
| "To have a promise enforced under this doctrine, the promisee must establish that the promise was deliberately made with the reasonable expectation of inducing her to rely on it, that she did act (or sometimes, refrain from acting) in justifiable reliance, and that she suffered some detriment as a result. Once this is shown, the court has the discretion to achieve an equitable result by enforcing the promise fully or to the extent necessary to do justice." |
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