bargain contract

Question 1

promise

Answer 1

§4 a promise may be stated in words either oral or written, or may be inferred wholly or partly from conduct

Question 2

bargain K elements

Answer 2

offer, acceptance, consideration

Question 3

elements of a contract

Answer 3

promise, mutual assent, consideration

Question 4

offer

Answer 4

§24, the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it (assent must be invited to constitute a K)

Question 5

acceptance/assent

Answer 5

§50, Acceptance of an offer is a manifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer.

Question 6

consideration

Answer 6

Consideration must be bargained for. Bargained for consideration is defined as a promise or performance sought by the promisor and given by the promisee in exchange for the promisor’s promise/performance. PAST CONSIDERATION IS NOT CONSIDERATION

Question 7

embry v. hargadine

Answer 7

Embry —-> McKittrick: “If you hire me now, I will work another year”
Consideration: promise to work for another year
McKittrick —-> Embry: Returned promise of “I will employ you for another year if you continue to work for another year”
Consideration: Employment K

Question 8

promise

Answer 8

§2, A promise is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made.

Question 9

promisor

Answer 9

§2, The person manifesting the intention

Question 10

promisee

Answer 10

§2, The person to whom the manifestation is addressed

Question 11

beneficiary

Answer 11

§2, Where performance will benefit a person other than the promisee, that person is a beneficiary

Question 12

preliminary negotiations

Answer 12

§26, A manifestation of willingness to enter into a bargain is not an offer if the person to whom it is addressed knows or has reason to know that the person making it does not intend to conclude a bargain until he has made a further manifestation of assent. (would you consider buying my laptop? does not constitute an offer because there are still other terms open to negotiation)

Question 13

acceptance by performance

Answer 13

§50, requires that at least part of what the offer requests be performed or tendered and includes acceptance by a performance which operates as a return promise.

Question 14

acceptance by a promise

Answer 14

§50, requires that the offeree complete every act essential to the making of the promise.