Formation

Question 1

What are the elements of formation?

Answer 1

1. Offer
2. Acceptance
3. Consideration
4. Defenses to Formation and Enforcement
5. Warranties

Question 2

What are the elements of an offer?

Answer 2

1. Unilateral/Bilateral
2. Irrevocable offers
3. Termination of offer

Question 3

What are the elements of acceptance?

Answer 3

1. Unilateral/Bilateral
2. Manner of Acceptance
3. Counteroffer
4. Mailbox Rule

Question 4

What are the elements of consideration?

Answer 4

1. Adequacy of Consideration
2. Gifts
3. Moral Consideration
4. Preexisting Duty Rule
5. Past Consideration
6. Promissory Estoppel

Question 5

What are the Defenses to Formation and Enforcement?

Answer 5

Defenses to Formation
1. Mistake
2. Misunderstanding
3. Misrepresentation
4. Undue Influence
5. Duress
6. Capacity

Defenses to Enforcement
1. Statute of Frauds (There are exceptions)
2. Illegality
3. Unconscionability

Question 6

What are the elements of express warranties, implied warranties in sale of goods contracts?

Answer 6

(Applies to the UCC

Express Warranties
1. Any promise that is a part of the contract

Implied Warranties
1. Implied Warranty of Merchantability
2. Implied Warranty of Fitness for a Particular Purpose