Contract Formation, Offer & Acceptance

Question 1

Past Consideration

Answer 1

IS NOT CONSIDERATION

I found a dog. I returned the dog. Owner wants to give me reward. I decline. Now I want it. NO K. There is no consideration for that reward. The finding of the dog is PAST CONSIDERATION (nor is moral obligation).

Question 2

UCC: Option K

Answer 2

• Offer by a Merchant (Merchant Offeror)
• In a signed writing
• by its terms, gives assurance it will be held open
• is irrevocable for the time stated. (not to exceed 90 days, whether stated or not)

Question 3

Common Law: Option K

Answer 3

• Supported by consideration
• no term on it

Question 4

Counteroffers

Answer 4

Rejection of the original offer, and creates a new offer.

Mere INQUIRIES do not constitute counteroffers.

Cannot accept the original offer.