Assess 1 X-tras

Question 1

Acceptance by mail must be

Answer 1

Properly dispatched by properly addressing it and taking other ordinary precautions to insure a safe transmission

Question 2

Promise

Answer 2

A promise is a manifestation of intent to act or refrain from acting in a certain way

Question 3

Agreement

Answer 3

A manifestation of mutual assent

Question 4

Bargain

Answer 4

Agreement (a manifestation of mutual assent) to exchange promises or exchange promise for performance

Question 5

Manifestation of mutual assent to exchange usually comes in the form of…

Answer 5

Offer and acceptance

May be made even though neither can be identified and formation is undetermined

Question 6

Offer

Answer 6

Manifestation of willingness to enter into a bargain (an agreement to exchange promises or promise for performance)

Made to justify another person in understanding that his assent is invited and will conclude the deal

Question 7

Contract

Answer 7

A promise for the breach of which the law gives a remedy

Question 8

Benefit-Detriment Test

Answer 8

Is there a benefit received or detriment incurred by either party? (don’t need both)

Question 9

(3) Pre-existing duty (ex. job) is ____ consideration

Answer 9

Not consideration

Question 10

Bargain Theory

Answer 10

Was there a bargained-for exchange for the promise?

• Bargained-for performance or return promise. Performance may consist of act, forbearance, or creation/modification/destruction of a legal relationship.

Question 11

Gift vs. Consideration-based promise?

Answer 11

Could the offeree have reasonably believed that the intent of the Offeror was to induce the action? If so, there is consideration.

a) General rule: a promise to make a gift in the future is unenforceable
b) Courts rarely enforce donative promises in a family setting
c) Bailey v. West: Horse care case.

Question 12

Adequacy of Consideration

Answer 12

Economic value does not matter. If the item/promise/etc. is desired, it’s consideration. General rule-we don’t evaluate adequacy.

Question 13

Requirements contracts

Answer 13

Buyer agrees to buy ALL IT WILL REQUIRE from the other party.

Outputs contracts: seller agrees TO SELL ALL that it manufactures to a buyer.
- These are supported by consideration

Question 14

Moral Obligations and Past Consideration

Answer 14

General rule: A person who performs unrequested or voluntary services for someone else does not thereby acquire a right to compensation.
Exceptions: Doctors performing emergency services, volunteering to pay debt that expired under the Statute of Limitations

Question 15

Benefit-Received Doctrine

Answer 15

Moral obligations plus a material benefit received can add up to valid consideration –> —a promise made in recognition of a benefit previously received is binding to the extent necessary to prevent injustice,

Question 16

Gift

Answer 16

Could the offeree have reasonably believed that the intent of the Offeror was to induce the action? If so, there is May BE consideration. [ check promissory estoppel]

a) General rule: a promise to make a gift in the future is unenforceable
b) Courts rarely enforce donative promises in a family setting

Question 17

Consideration - Pre-existing duty rule

Answer 17

No consideration when a promise is to perform a previously existing duty (like your job)

Question 18

Consideration - Illusory promise

Answer 18

Essentially pledges nothing

Question 19

Consideration - Requirements contracts

Answer 19

1. Buyer agrees to buy all it will require from the other party.
2. Outputs contracts: seller agrees to sell all that it manufactures to a buyer.
   These are supported by consideration
   -Forbearance is consideration -they gave up their right to buy or sell from or to another

Question 20

Moral Obligations and Past Consideration

Answer 20

General rule: A person who performs unrequested or voluntary services for someone else does not thereby acquire a right to compensation.
i) Exceptions: Doctors performing emergency services, volunteering to pay debt that expired under the Statute of Limitations (reviving a debt)

Question 21

Moral Obligations - Benefit-Received Doctrine

Answer 21

Moral obligations + material benefit received can = valid consideration
–> Restitution Damages
Rest 86: a promise made in recognition of a benefit previously received is binding to the extent necessary to prevent injustice,
UNLESS the benefit was conferred as a gift or for other reasons the promisor has not been unjustly enriched.

Question 22

Promissory Estoppel (restatement)

Answer 22

Elements: 
Promise
1)	Reliance in Fact 
2)	Foreseeable Reliance 
3)   Detriment to the promisee	
4) Injustice can only be avoided by enforcement

Question 23

Promissory Estoppel - Charity

Answer 23

(donations/promises to charitable organizations—churches, colleges, etc.).
Courts will generally apply the doctrine of promissory estoppel to enforce these promises, they normally don’t require evidence of reliance.

Question 24

Implied-In-Fact Contracts

Answer 24

When conduct indicates assent or agreement, it is implied-in-fact.

Question 25

Quasi Contracts - Implied-In-Law

Answer 25

When a person confers a measurable benefit on another, the person has acted with gratuitous intent and allowing the other to keep the benefit without paying is unfair.
Ex: If you show up to repair A’s house and start to work, accidentally, on B’s house and B sees you doing it and says nothing or If you realize that a benefit is being given to you, you should ask about it or you will be obliged to pay for it.

Question 26

Manifestation of mutual assent to exchange usually comes in the form of…

Answer 26

Offer and acceptance

Question 27

Preliminary negotiations

Answer 27

Manifestation of willingness to enter into a bargain is not an offer if the person to whom its addressed knows or has reason to know that the deal isn’t concluded until the offeror has made a further manifestation of assent

Question 28

Formation of a contract

Answer 28

Requires an agreement (manifestation of mutual assent) to exchange promises (mutual intent to act/not act) for promise or performance

Question 29

Manifestation of mutual assent to an exchange requires that…

Answer 29

Each party makes a promise or begins to render a performance