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§3. AGREEMENT DEFINED; BARGAIN DEFINED2
An Agreement is a manifestation of mutual assent on the pad of two or more persons. A bargain is an agreement to exchange promises or to exchange a promise for a performance or to exchange performances.3
§17. REQUIREMENT OF A BARGAIN4
(1) Except as stated in Subsection (2), the formation of a contract requires a bargain in which there is a manifestation of mutual assent to the exchange and a consideration. . . .5
§18. MANIFESTATION OF MUTUAL ASSENT6
Manifestation of mutual assent to an exchange requires that each party either make a promise or begin or render a performance.7
§22. MODE OF ASSENT: OFFER AND ACCEPTANCE8
(1) The manifestation of mutual assent to an exchange ordinarily takes the form of an offer or proposal by one party followed by an acceptance by the other party or parties.9
(2) A manifestation of mutual assent may be made even though neither offer nor acceptance can be identified and even though the moment of formation cannot be determined.10
§23. NECESSITY THAT MANIFESTATIONS HAVE REFERENCE: TO EACH OTHER11
It is essential to a bargain that each party manifest assent with reference to the manifestation of the other.12
§24. OFFER DEFINED13
An offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.
June 02, 2014
Kessler, Gilmore & Kronman
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