Contracts - Formation of a K

Question 1

How do you create a K

Answer 1

Offer
Acceptance
Consideration

Question 2

Offer

Answer 2

an outward manifestation of intent to enter into a contract

Question 3

What is one thing that is not considered an offer

Answer 3

advertisement

Question 4

Why are advertisements generally not considered

Answer 4

because they are considered an invitation to offer

Question 5

How can an advertisement graduate to an offer

Answer 5

more speific terms

Question 6

How do can you terminate an offer

Answer 6

Death
Lapse of time
Rejection
Counteroffer
Revocation

Question 7

For lapse of time to terminate an offer, how long is the waiting period

Answer 7

usually a reasonable amount of time if no time is stated

Question 8

In order for a revocation to terminate an offer, what are the 2 ways

Answer 8

Direct and Indirect

Question 9

Direct revocation

Answer 9

retraction of an offer by the offeror

Question 10

In order to revoke the offer you must do it

Answer 10

before the person responds

Question 11

Indirect revocation

Answer 11

person receiving offer learns another deal was made

Question 12

What are 3 instances in which the offer is irrevocable

Answer 12

Option K

UCC Sale of goods

Unilateral Act w/ performance already beginning

Question 13

Option K

Answer 13

I promise you I will keep the offer open for a certain period of time

With additional consideration

Question 14

Sales of good / firm offer

Answer 14

Sale of goods

Promise to keep the offer open

Writing to keep the offer open signed by the merchant

Question 15

How long does a firm offer last

Answer 15

time stated but if no time is stated it is a maximum of 3 months

Question 16

For a firm offer if no time is stated and we past the period of 3 months what happens to the offer

Answer 16

it becomes revocable

Question 17

Unilateral K you look for

Answer 17

performance because once performance beings it becomes irrevocable

Question 18

Bilateral K

Answer 18

Promise for a promise

Question 19

Once the offer is made to the person, it creates a

Answer 19

power of acceptance

Question 20

Mirror image rule only applies in

Answer 20

common law

Question 21

Mirror image is when

Answer 21

Acceptance has to mirror my offer

Question 22

What are the ways you can accept a offer

Answer 22

Silence (Fact pattern must state that the offeror would be okay with this)

Performance

Mail

in any way the offeror says to

Question 23

With the mailbox rule, acceptance is effective when

Answer 23

sent

Question 24

What is the exception to the mailbox rule

Answer 24

When you send the rejection first and then you send the acceptance letter → the first letter to arrive is effective

Question 25

UCC acceptance allows for

Answer 25

liberal acceptance even if you are off with the way you accept

Question 26

For UCC acceptance what matters

Answer 26

the material terms are the same

Question 27

What is not a valid acceptance under the UCC

Answer 27

Material change the terms of the K Objection to the change of term in reasonable amount of time Offer limits the acceptance

Question 28

Example of material change of the terms of the K

Answer 28

warranty disclaimers

Question 29

Consideration

Answer 29

bargain for exchanged between parties

Question 30

Will the court ever invalidate a K based on consideration

Answer 30

no

Question 31

What are the different ways to test you on consideration

Answer 31

illusory promise gifts past / moral consideration

Question 32

Illusory promise is when

Answer 32

Party making the offer retains the control EX: I would like to sell you my car but I will let you know when I want to sell it to you

Question 33

What is the modern trend of a illusory promise

Answer 33

as long as there was interpretation that the promise can be interpreted as valid

Question 34

The promise to give a gift is

Answer 34

invalid consideration

Question 35

If I gave you the gift, is it valid consideration

Answer 35

yes

Question 36

Past or Moral consideration is

Answer 36

not considered consideration

Question 37

What is the key with past or moral consideration

Answer 37

when you gave the pormise. If you gave the promise before the person did the act, it is valid consideration.

Question 38

What are 4 instances of valid consideration

Answer 38

promise to pay debt barred by SOL Promise to pay debt discharged by bankruptcy Forebearance to sue even though you could promissory estoppel

Question 39

Promissory estoppel

Answer 39

Promise by another that makes you rely upon to your detriment

Question 40

Accord and satisification deals with

Answer 40

debts

Question 41

If there is no dispute about the debt in an accord and satisfaction and you cash a check that says pay in full can you get the remainder

Answer 41

yes

Question 42

If there is a dispute about a debt and you cash a check that says pay in full or there is a settlement can you get the remainder

Answer 42

no

Question 43

When there is a doubt about the debt in the first place but you paid something anyway, can you get the remaining balance

Answer 43

no