Formation of K

Question 1

2) Offer

Answer 1

Outward manifestation of Intent to enter into a contract’

Question 2

K Formation

Answer 2

K=MA( Orev+A) +C-D

Question 3

Ads

Answer 3

not offers

Question 4

Termination of Offer

Answer 4

(i) Death
(ii) Lapse of Time
A Has to be reasonable
(iii) Rejection
(iv) Counteroffer
A Changes materials terms
(v) Revocation

Question 5

(iv) Counteroffer

Answer 5

A Changes materials terms

Question 6

(v) Revocation

Answer 6

A Direct Revocation
B Indirect Revocation

Question 7

A Direct Revocation

Answer 7

Retraction of an Offer by the Offeror (Person making the Offer)

Question 8

Indirect Revocation

Answer 8

1. Person receiving Offer LEARNS another deal was made
   a. The power of acceptance is now gone

Question 9

1. Irrevocable Offers

Answer 9

a. Option Contract
b. UCC Firm Offer
c. Unilateral Contract, once the Act Starts

Question 10

a. Option Contract

Answer 10

i. Promise to keep the Offer Open
ii. Additional Consideration is needed

Question 11

b. UCC Firm Offer

Answer 11

i. Merchants
ii. Singed by Merchant
iii. 90 Day Limit

Question 12

c. Unilateral Contract, once the Act Starts

Answer 12

i. Promise for an Act versus
ii. Bilateral Contract -Promise for a promise

Question 13

2) How to Accept an offer

Answer 13

(a) Silence
(b) Performance
(c) Mail

Question 14

1) Common law Mirror Image Rule

Answer 14

(a) Acceptance must Mirror the Offer

Question 15

3) Common Law Mailbox Rule

Answer 15

(a) Acceptance is effect when SENT
(i) Exception
A If a Rejection letter is sent first, then an Acceptance is sent, which ever arrives first wins

Question 16

4) UCC Acceptance

Answer 16

(a) Construed Liberally under the UCC

Question 17

1) Consideration

Answer 17

(a) Bargained for Exchange (peppercorn)

Question 18

2) Illusory Promise

Answer 18

(a) Party Making the Offer retains control
(i) Not proper consideration

Question 19

3) Gifts

Answer 19

(a) Promise to give a gift is NOT valid consideration (Future – not ok)
(b) Already given gift IS valid consideration (Past - ok)

Question 20

4) Past Consideration or Moral Consideration

Answer 20

(a) Not valid consideration

Question 21

5) Promise to pay debt barred by Statute of Limitations

Answer 21

(a) Is Valid Consideration

Question 22

6) Promise to pay debt discharged in bankruptcy

Answer 22

(a) Is Valid Consideration

Question 23

7) Forbearance to sue

Answer 23

(a) Promise not to sue, is valid consideration

Question 24

8) Promissory Estoppel

Answer 24

(a) Promise that induces you to rely to your detriment