Chapter 11

Question 1

Who are the parties to an offer?

Answer 1

The offeror: person making the offer

The offeree: person receiving offer

Question 2

Who has the power of acceptance?

Answer 2

The offeree has the power of acceptance because they decide if the k will be made

Question 3

What specific language is required for an offer?

Answer 3

The offer must be definite and certain.

Question 4

What language is not an offer?

Answer 4

A preliminary negotiation. It is not definite and certain

Question 5

What is the objective test?

Answer 5

“It would appear to a third party watching that it looked like the people were entering into a k”

Question 6

What is the general rule of offers?

Answer 6

Offers made on tv, radio or internet or even read in the papers are not offers

Question 7

What is a large communicating medium?

Answer 7

If it is broadcasted on media reaching a vast audience

Question 8

Why does a large medium not create a power of acceptance?

Answer 8

There is no offer therefore there is no power of acceptance. Large Medium does not have limitations

Question 9

What are the three exceptions to a large communicating medium?

Answer 9

Limited Class of Offerees, First Come- First Served and a Reward k

Question 10

What is a limited class of offerees?

Answer 10

This means the power of acceptance is limited to a small number

Question 11

What is first come-first served?

Answer 11

This is an offer because it limited the number of offerees to one

Question 12

What is a reward k?

Answer 12

A unilateral k because only a number of people can accept the offer of reward because it is limited to those performing an act (providing information)

Question 13

What terms must be in all k’s under the c/l?

Answer 13

Price Term, Delivery Term, Quantity Term and Warranty Term.

Question 14

What is a warranty term?

Answer 14

How long is it guaranteed?

Question 15

What is a price term?

Answer 15

How much will the goods cost to buy?

Question 16

What is a delivery term?

Answer 16

What time will you deliver?

Question 17

What is a quantity term?

Answer 17

How many are you willing to sell me?

Question 18

What terms must be in all k’s under the UCC?

Answer 18

Quantity Terms, Gap Filling, Vague K’s

Question 19

What is the exception to the rule of quantity: Output-Requirement K’s?

Answer 19

Under the rule of quantity you have to have a certain number unless you may not know the exact number they will need.

“All that I produce”
“All that I require”
“All that I can harvest”

Question 20

What is the rule of gap filling?

Answer 20

It’s okay to forget some terms (except quantity) in the k because you can just agree on things such as a price later on, and if you can’t agree, the court would fill in the price by listening to testimonies.

Question 21

What are Vague K’s?

Answer 21

If the contract doesn’t have specific details, then there is no enforceable contract. Under the UCC, if the parties enter into a k and the terms are vague, it is not enforceable.

Question 22

What are the three elements for an offer?

Answer 22

The language must be definite and certain, it must appear to a reasonable third party that the parties intended to enter into a k (objective test) and the offer must be communicated to the offeree.

Question 23

Important Concept 1:

Answer 23

Under the common law, there are no terms required for a k to exist there than in real estate, when an adequate description of the property must be set forth.

Question 24

Important Concept 2:

Answer 24

K’s under the UCC are enforceable if they do not have quantity IF they are output-requirement k’s.

Question 25

Important Concept 3:

Answer 25

Under the UCC the only required term is quantity! All other terms can be gap filled, but putting vague terms will result in a voidable k