Formation

Question 1

Offer

Answer 1

1) Outward Manifestation of present intent to contract
2) definite & certain terms
3) Communicated to identified offeree

Question 2

Termination of Offer?

Answer 2

1) Lapse of time
2) Revocation, words/conduct of offeror terminating the offer, effective when received
3) Rejection/counteroffer, effective when received
4) Termination by operation of law (Death, insanity, destruction of subject matter of contract, supervening illegality)

Question 3

Irrevocable offer?

Answer 3

1) Option contract, promise to keep open+consideration
2) UCC merchant firm offer, 3 month max +(a) offer to buy/sell good, (b) signed, written promise to keep open, (c) merchants
3) detrimental reliance
4) unilateral contract, start performance

Question 4

Acceptance

Answer 4

1) manifestation of assent to terms of offer in manner prescribed by offer
2) effective upon dispatch (mailbox Rule)

Question 5

Common Law Acceptance

Answer 5

Acceptance must mirror the offer (Mirror image rule)

Question 6

UCC - acceptance

Answer 6

1) acceptance that adds terms is valid
2) between merchants, additional terms become part of the contract unless: a) they materially alter the contract, b) the offeror objects to change, c) the offer s limited to its terms (battle of forms UCC 2-207)

Question 7

Full Performance

Answer 7

1) Full performance = acceptance
2) Starting performance = acceptance of offer enter a bilateral contract, but not unilateral contract (Can’t revoke)
3) Seller sends “wrong” goods = acceptance + breach (unless: accommodations/explain = counteroffer + no breach)

Question 8

Consideration

Answer 8

bargained for exchange + legal detriment/benefit (past/moral consideration is generally NOT consideration)

Question 9

Promissory estoppel

Answer 9

1) reasonable, detrimental & Foreseeable reliance

2) enforcement necessary to avoid injustice