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RST2d Lexis® with text of Sections 1-5
Restatement of the Law, 2s Contracts - Official Text
Sections 1-5; definitions in statutory frameworks
§ 1 Contract Defined
A contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.
§ 2 Promise; Promisor; Promisee; Beneficiary
(1) A promise is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made.
(2) The person manifesting the intention is the promisor.
(3) The person to whom the manifestation is addressed is the promisee.
(4) Where performance will benefit a person other than the promisee, that person is a beneficiary.
§ 3 Agreement Defined; Bargain Defined
An agreement is a manifestation of mutual assent on the part 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.
§ 4 How a Promise May Be Made
A promise may be stated in words either oral or written, or may be inferred wholly or partly from conduct.
§ 5 Terms of Promise, Agreement, or Contract
(1) A term of a promise or agreement is that portion of the intention or assent manifested which relates to a particular matter.
(2) A term of a contract is that portion of the legal relations resulting from the promise or set of promises which relates to a particular matter, whether or not the parties manifest an intention to create those relations.
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