This lesson covers one of the fundamental components of contract formation - mutuality of obligation or commitment. Students learn why mutuality of obligation is an essential element of a contract.
This exercise deals with offer, an essential element of the bargaining process. There are basically three requirements to establish an offer: (1) intent; (2) definiteness; and (3) communication to the offeree.
This lesson deals with option contracts and firm offers, both of which result in irrevocable offers.
This lesson provides an overview of Contract Law, including the sources of Contract Law.
This topic is also covered in Prof. Burnham’s CALI lesson The Parol Evidence Rule
A hundred years ago, a law professor said of the parol evidence rule, "There are few things darker than this or fuller of subtle difficulties." Many students and professionals who have studied the rule would agree with that assessment. Hopefully this exercise will illuminate the rule. It does so by examining the functions served by the rule, taking the user through a series of questions that can be used to resolve most issues involving the application of the rule. The Uniform Commercial Code enactment of the rule is examined in detail.
This lesson presents an introduction to the doctrine that the performance of a pre-existing duty, or a promise to perform such a duty, does not constitute a sufficient consideration to make a promise binding. Through questions based on a series of hypothetical cases, underlying reasons for the doctrine are considered, as well as its ramifications in various contexts. Coverage includes: the performance of duties owed to the promise or third parties as consideration; modifications on one side of executory contracts; substituted contracts following rescission; executory accords; satisfaction; liquidated claims and offers to settle unliquidated claims.
These terms are the building blocks of contracts. This lesson provides an overview of them. After running the lesson, you should be able to distinguish the different terms, recognize them when you find them in a contract, understand the legal effects that follow from their use, and decide which one is appropriate to use when drafting a term in a contract.
This lesson explores the remedy of reliance, which can be available both 1) where there is no contract and 2) where there is a contract and the non-breaching party chooses an alternative to the expectancy measure of damages.