Contract Formation Flashcards
In a sentence, define a “contract.”
A K is an agreement with specific terms, between 2 or more parties where there is a promise to do something in return for valuable consideration.
What is a “bilateral contract”?
A bargained-for k where the parties exchange a promise for a promise.
What is a “unilateral contract”?
A bargained-for k where the parties exchange a promise for an action/performance.
AdaptiTip: An offer for a unilateral K may only be accepted by performance.
What is an “express contract”?
An express k is an agreement between parties where they declare the terms when they execute the k.
AdaptiTip: Breaking an express K amounts to breach.
What is required to establish an in-implied in fact k?
To establish an implied-in-fact k, a promise is inferred from the parties conduct or from there words instead of explicit words of agreement.
What is a “quasi-k”?
A quasi-contract is unjust enrichment and imposes liability on a person who receives a benefit from another.
What are the 3 requirements of a valid contract?
- An offer, 2. acceptance, 3. consideration.
In a sentence, define “mutual assent.”
Mutual assent occurs when a person uses an expression they know the other person will rx understand as offer/acceptance and the other party accepts.
What constitutes an “offer”?
An offer is an expression of willingness to enter into a bargain such that a rx person would be able to agree & be bound by the agreement.
What is a “bargain” in k law?
A bargain in k law is an exchange where each party views their promise/performance as the price of the other’s promise/performance.
What are the 3 essential terms of an offer under CL?
- ID of parties, 2. description of the subject matter of k, 3. terms & conditions of k
When will a contract for the sale of goods with missing terms be upheld?
Under the UCC a k for the sale of goods does not fail for indefiniteness if the parties have intended to make a k and there is rx certain basis for giving an appropriate remedy.
What are the 5 ways to terminate an offer?
- acceptance, 2. expiration/lapse, 3. counteroffer, 4. valid revocation, 5. operation of law
AdaptiTip: An offer may be terminated by the offeror or offeree.
When is a valid revocation effective?
When it is recv’d by the offeree.
AdaptiTip: A revocation may be effective by direct communication or action that are inconsistent with the offer.
Which 4 types of offers are irrevocable?
- option ks, 2. firm offers under UCC, 3. unilateral k where offeree has already begun performance, 4. situations where the offeror could foresee detrimental reliance upon the offer.
