1
Q
Past Consideration
A
IS NOT CONSIDERATION
I found a dog. I returned the dog. Owner wants to give me reward. I decline. Now I want it. NO K. There is no consideration for that reward. The finding of the dog is PAST CONSIDERATION (nor is moral obligation).
2
Q
UCC: Option K
A
- Offer by a Merchant (Merchant Offeror)
- In a signed writing
- by its terms, gives assurance it will be held open
- is irrevocable for the time stated. (not to exceed 90 days, whether stated or not)
3
Q
Common Law: Option K
A
- Supported by consideration
- no term on it
4
Q
Counteroffers
A
Rejection of the original offer, and creates a new offer.
Mere INQUIRIES do not constitute counteroffers.
Cannot accept the original offer.
