Common Law

Question 1

What is a contract?

Answer 1

a promise or set of promises for which a breach is enforceable under the law.

Question 2

What is a promise under Restatement 2(d) § 2?

Answer 2

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

Question 3

What must you have to form a contract?

Answer 3

Mutual Assent
Consideration

Question 4

What are the 2 parts of mutual assent?

Answer 4

Offer
Acceptance

Question 5

Offeree

Answer 5

The person accepting the offer

Question 6

Restatement (2d) § 17

Answer 6

The formation of a contract requires a bargain where there is a manifestation of mutual assent and consideration.

Question 7

Restatement (2d) § 18: Manifestation of Mutual Assent

Answer 7

assent to an exchange requires that each party makes a promise or begin or render a performance

Question 8

Restatement (2d) section 24: Offer Defined

Answer 8

An offer is 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 & will conclude it.

Question 9

Restatement (2d) section 50: Acceptance of Offer Defined; Acceptance by Performance; Acceptance by Promise

Answer 9

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

Question 10

Is an Ad an offer? why or why not?

Answer 10

An ad is invitation not an offer, because there are no clear and definite terms.

Question 11

Offeror

Answer 11

The person making the offer

Question 12

objective theory of offer

Answer 12

your actual intent is irrelvant, your intent express on a contract or in the record in relevant.