Bar Prep - Contracts: Key Definitions Flashcards

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1
Q

What is the definition of a contract?

A

Legally enforceable agreement.

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2
Q

What is a unilateral contract?

A

Contract that requires performance as the only possible way of acceptance.

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3
Q

What is the definition of an option contract?

A

Contract that limits an offeror’s power to terminate an offer. It is a distinct contract in which an offer gives consideration for a promise by the offeror not to revoke an outstanding offer.

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4
Q

What is an illusory promise?

A

Promise to choose one of several alternative means of performance = illusory, unless every option involves some sort of legal detriment.

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5
Q

What is ratification?

A

A new valid promise to perform a voidable obligation; ex. when an infant reaches the age of majority.

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6
Q

What is required for the valid formation of a contract?

A

Legally enforceable agreement requires offer, acceptance of bargained for exchange.

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7
Q

Contracts for the sale of real estate must contain what terms at minimum?

A

Terms must include PRICE and DESCRIPTION, at minimum.

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8
Q

Contracts for the sale of goods must contain what terms at minimum?

A

Terms must include QUANTITY of goods at minimum.

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9
Q

What is the effect of conditional acceptance on an offer under (i) CL, and (ii) UCC?

A

(i) Rejects offer and becomes a counter offer.

(ii) Terminates the offer.

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