Contracts Part 1: Offer, Acceptance, Consideration

11 Pages Posted: 5 Oct 2023

See all articles by Michael Conklin

Michael Conklin

Angelo State University - Business Law; Texas A&M University School of Law

Date Written: August 23, 2023

Abstract

This is part 1 of a two-part introduction to contract law. It is an ideal primer for a variety of undergraduate and graduate classes such as Legal Environment of Business and Business Law for Accountants. In simple to understand terms, this introduces the reader to the concept of contracts and specific aspects including offer & acceptance (definiteness requirement, various methods of termination, the objective theory of contract formation, and the mailbox rule), consideration, capacity, legality, noncompete agreements, statute of frauds, parol evidence rule, advertisements as offers, promissory estoppel, assignments, and delegations. Detailed hypotheticals are included throughout to provide real-life examples that illustrate the nuanced nature of the legal principles taught. This emphasizes a more pragmatic approach to the study of contracts and demonstrates how the law is often not a perfectly objective endeavor; there are frequently ambiguities which create uncertainty as to the legal outcome.

Keywords: contracts

Suggested Citation

Conklin, Michael, Contracts Part 1: Offer, Acceptance, Consideration (August 23, 2023). Available at SSRN: https://ssrn.com/abstract=4548950 or http://dx.doi.org/10.2139/ssrn.4548950

Michael Conklin (Contact Author)

Angelo State University - Business Law ( email )

United States

Texas A&M University School of Law ( email )

Tarrant County
United States

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