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Advanced Legal Analysis > Contracts > Flashcards

Contracts Flashcards

1
Q

Once you identify a contracts problem, what questions do you want to answer?

A 
Is there a contract?
Was there offer, acceptance, and consideration?
What law applies?
Was there a breach?
Are there any defenses to the breach?
What remedies apply?
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2
Q

What are ways in which an offer may be terminated?

A

Revocation
Rejection
Acceptance
Death of a Party

Legal application
Lapse of Time/Silence
Counter Offer

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3
Q

Who may revoke an offer?

A

Only the offeror

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4
Q

Who may reject an offer?

A

Only the offeree

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5
Q

When does silence constitute acceptance?

A

When both parties had an expectation that silence can constitute acceptance

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6
Q

An offer becomes irrevocable when:

A 
Accepted
Performance begins on a unilateral contract
Option Contract
Firm Offer
Detrimental Reliance
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7
Q

True of False: Ads are offers

A

False, ads are solicitations for offers

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8
Q

Unilateral Offer

A

A promise that seeks performance in return

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9
Q

Bilateral Contract

A

A promise seeking a return promise

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10
Q

An offer can be accepted:

A

Anytime before the offer is terminated

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11
Q

Revocations are effective when:

A

Received

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12
Q

Offeree can accept the offer:

A

Per the terms of the offer OR by any means reasonable within the circumstances

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13
Q

Mailbox Rule

A

An acceptance is effective upon dispatch

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14
Q

The Mailbox Rule does NOT apply when:

A
  1. The offer stipulates or request that the acceptance be received in a particular way
  2. When there is an option contract
  3. When the rejection is sent first
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15
Q

Most common breach defenses on the bar

A
  1. Statute of Frauds
  2. Capacity with minors
  3. Mistake
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16
Q

Exceptions to the Statute of Frauds for Merchants

A

Specially manufactured goods
Written confirmation between merchants not objected to within 10 days, so long as the other party received the confirmation
Admission in a pleading
Performance

17
Q

True or False: Unilateral mistake is a defense to contract formation

A

False. Unilateral mistake is not a defense UNLESS the non mistaken party knew or should have known of the mistake

18
Q

True or False: Mutual mistake is a defense to contract formation

A

True

19
Q

Battle of the forms

A

UCC Rule: A contract is enforceable between two merchants even when the terms are not the same so long as there has been a definite expression of acceptance on the part of the offeree and this acceptance was sent in a reasonable time frame.

20
Q

Mirror Image Rule

A

Common Law Rule: To have an enforceable contract, the two parties must have documents that contain identical terms and conditions

21
Q

Battle of the Forms Exceptions

A

All terms or conditions added by the offeree are a part of the contract unless:

  1. the new terms fundamentally or materially alter the terms of the offer
  2. the offeror objects to the new terms and conditions within a reasonable amount of time
  3. the offer specifically limits the offeree’s acceptance to the terms and conditions found in the offer
22
Q

Materially Alter

A

New terms that would

  1. impose hardship on the other party
  2. significantly shift risk within the agreement
  3. surprise the other party
23
Q

Liquidated Damages

A

Pre-estimate of the probable loss that would be suffered from the late completion of a contract

24
Q

Liquidated Damages in a contract are enforceable unless:

A

They are used in the contract as a penalty

25
Q

Seller’s remedies for buyer’s breach under the UCC

A
  1. Sue for the difference between the contract price and the market price plus incidental damages, OR
  2. Sue for the difference between the contract price and the resale price plus incidental damages
26
Q

Loss volume seller

A

Someone who can sell as many goods as he can obtain - an unlimited supply of goods and can sell as many as possible

27
Q

Recovery for a loss volume seller

A

Recover the difference between the contract price and the wholesale price

28
Q

Common Law Remedies for Breach

A

Legal remedies or Equitable remedies

29
Q

Legal Remedies for Breach

A

Expectation damages, consequential damages, incidental damages

Advanced Legal Analysis (3 decks)

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