Chapter 3

Bargains

Module II: Mutual Assent

This chapter studies how bargains emerge through outward manifestations that a reasonable person would understand as assent. In Unexpected Party, the Middle-earth setting helps show how misunderstandings, hidden intentions, and crossed meanings can prevent a true bargain from forming.

Doctrinal map

The chapter develops the objective theory in full. Lucy v. Zehmer anchors it: a contract signed in jest is still a contract if a reasonable person would treat the manifestation as serious. Raffles v. Wichelhaus sets the limit: where two parties reasonably attach different meanings to a critical term and neither has the superior basis, no contract forms (R2d § 20). The student should leave able to apply both the objective standard and the misunderstanding doctrine to a marginal fact pattern.

Key Sources

Key Rules

Cases

We must look to the outward expression of a person as manifesting his intention rather than to his secret and unexpressed intention.
Exercise: Unexpected Party →