BARBRI - Contracts Flashcards
1
Q
What are the elements of a contract?
A
Offer
Acceptance
Consideration
2
Q
What are four types of irrevocable offers:
A
1) Option contract
2) Merchant’s firm offer (signed writing by MERCHANT leave open not to exceed 3 months)
3) Performance begun following offer for unilateral contract (once performance begins)
4) Detrimental reliance (offeror reasonably contemplate performance before acceptance)
3
Q
What is the UCC Mailbox Rule?
A
In a BILATERAL contract ACCEPTANCE is effective upon DISPATCH
Exceptions:
- Acceptance under an option contract
- Unilateral offers
- Offer stipulates acceptance valid upon receipt
4
Q
What is the defense Frustration of Purpose?
A
Purpose of the contract has become valueless by virtue of intervening event
5
Q
Define contracts defense: Commercial impracticably
A
Unforeseen circumstances that make performance extremely and unreasonably difficult or expensive
