Contracts Flashcards
(8 cards)
Ray v William G Eurice
Eurices mistakenly sign a contract after verbally agreeing with Ray on certain specs, but then send another contract without them - they sign HIS contract thinking it was theirs, but the misunderstanding was one sided, and they should have known.
The intentional manifestation of words and actions that may reasonably be interpreted as binding oneself to perform such and such bind oneself to perform such and such - there was no MUTUAL misunderstanding. Meeting of minds not required.
Lonergan v Scolnick
Advertisement and form letters - instances where multiple people are receiving the ‘offer’ and there’s no ‘first come first serve’ to limit them - are not offers
Seller sent a rock bottom price in response to Buyer’s response to ad, buyer asked for directions and if a bank was cool for escrow, seller gave directions and agreed on bank; buyer ‘agreed’ to buy and deposited.
Ruled there was never an offer - “If the person has reason to know the offerer does not intend an expression of fixed purpose until further expression of assent is given, an offer was not made.” Never gave an actual price.
Mailbox rule
If an offeree has mailed acceptance, a contract has been made
Normie v Miller
Miller puts house for sale; N makes offer; M makes counteroffer; N holds off; S makes an offer which M accepts; N informed by third party; N belatedly accepts counteroffer.
Initial offer was not accepted because changes were made
Accepting another offer counts as revocation of other offers
Consideration is necessary for Option (promise insufficient)
Mirror image rule
Reply to an offer which purports to accept but makes different or additional stipulations is not acceptance but counteroffer (not UCC!)
Normile
Restatement on power of acceptance and counteroffer
Terminated by making a counteroffer unless offeror manifests a contrary intention
Revocation when he received notice of the offeror acting inconsistently with the offer
Normile
Bilateral vs unilateral
Promise for promise vs promise for performance
Pepsico
Reasonable person standard for what constitutes an offer
