Contracts MBE Outline

I. Formation

• Offer: Manifestation of intent to enter a bargain. Must have definite terms.
• Acceptance: Mirror image rule for Common Law; UCC 2-207 allows for additional terms between merchants.
• Consideration: Requires a bargained-for exchange of legal value (benefit or detriment).

II. Performance and Breach

• Parol Evidence Rule: Prevents admission of prior/contemporaneous oral agreements that contradict a fully integrated writing.
• Statute of Frauds (MYLEGS): Marriage, Year (contracts > 1 year), Land, Executors, Goods ($500+), Suretyship must be in writing.
• Material Breach: Allows the non-breaching party to suspend performance and sue for damages.

III. Remedies

• Expectation Damages: Put the non-breaching party in the position the