1. Consideration and the Bargained-for Exchange a. Promises to make a gift b. Reliance and Promissory estoppels c. Illusory promises d.

Moral obligation and past consideration 2. Contract Formation i. Whether an offer has been made, and if so whether it has been ii. An enforceable obligation attaches only if there has been and offer and an acceptance in legal terms. iii. Common law rule: an offeror may revoke his offer at any time prior to its acceptance by the offeree. Even in form of an counteroffer. iv. There may exist a range of efficient outcomes v. Making a deal: (a) to distinguish the culminating moment of agreement from all the bargaining activity that has gone before and (b) to protect the agreement thus arrived at from any effort by either party to start the bargaining process up again. vi. Manifestation of Mutual Assent Lucy vs. Zehmer vii. Again, the larger object of the law is to provide a basis or framework in which the exchange of goods and services can be made with some assurance by persons who more or less consciously expect to be better off as a consequence (Did the promise spent time and money in reliance on the promisors misleading statement?) viii. Peerless (Raffles v. Wichelhaus) w/o a consensus ad idem there was no agreement whatsoever. b. Offer and Acceptance i. ii. c. Revocation and Counteroffer 3. Unfairness and Unconscionability a. Traditional Elements: Duress, Incapacity and Misrepresentation b. Standardized Forms and Unconscionability 4. Contract Interpretation a. The PArol Evidence Rule b. Filing the gaps: Best efforts and Other Flexible Commitments 5. Performance and Breach a. Conditions b. Problems of Performance

6. Mistake and Impossibility a. Mistake b. Impossibility and Frustration 7. Remedies a. Expectation Damages b. Limitations on Expectation Damages c. Reliance and Restitution d. Liquidated Damages