Contracts

Question 1

Offer

Answer 1

outward manifestation by the offeror that creates the power of acceptance in the offeree.

Question 2

An advertisement can be a valid offer if is it is made to

Answer 2

a particular person, outlines the specific details of the offer, and presents the recipient of the advertisement with instructions as to how acceptance can be made.

Question 3

Acceptance is an

Answer 3

outward manifestation by the offeree that he accepts the terms of the offeror. Unless the offer provides for the means of acceptance, any reasonable means will suffice

Question 4

Acceptance must mirror the terms of the offer. If acceptance does not mirror the terms of the offer or, in itself, alters the terms of the offer,

Answer 4

it is a counteroffer and effectively rejects the original offer.

Question 5

Consideration is a

Answer 5

bargained-for legal detriment.

Question 6

Modification to a K must be supported by - CL

Answer 6

consideration

Question 7

Pre-existing duty rule - CL

Answer 7

prohibits the modification of any contractual duties which have been agreed to absent consideration because the party is attempting to modify something that he/she is currently obligated to do

Question 8

SOF requires that certain contracts be in writing and essiental terms of the contract be included as well as signed by the party to be charged The catergoies of contracts are

Answer 8

marriage, contracts which cannot be performed within one year, land sale contracts, executor agreements, guarantees or suretyships, and contracts for the sale of goods for over $500.

Question 9

CA to staute of frauds

Answer 9

partial/full preformance

Equitabel estoppel

Question 10

Partial / Full Preformance

Answer 10

A party may not comply with the requirements of the SOF if he partially or fully performs his contract and the other party accepts the benefits of the performance.

Question 11

A party may not comply with the requirements of the SOF if he can assert a defense of estoppel. Equitable estoppel occurs when

Answer 11

a party says or does something that foreseeably creates action in another person, the other person relies on the party’s previous statement or action, and it would be unjustly prejudicial to the relying party.

Question 12

Contract for term

Answer 12

an employee has a property right in the job and may not be terminated without cause.

Question 13

At will contract

Answer 13

allows the employer or employee to terminate employment for good cause, bad cause, or no cause.

Question 14

Expectation damages

Answer 14

plaintiff in the position he would have been in had the breaching party performed the contract in full.

Question 15

Reliance damages

Answer 15

place the plaintiff in the place he would have been had the contract not existed.

Question 16

Resitution damages

Answer 16

damages reimburse the plaintiff for any benefit conferred on the defendant

Question 17

A plaintiff always has the duty to

Answer 17

mitigate damages

Question 18

In enployment contract they have a duty to

Answer 18

find another employment but rather a job comparable to the job that has been taken. If a plaintiff cannot find replacement employment, a good faith effort must take place to find employment.

Question 19

Speific preformance

Answer 19

is available when the contract has definite and certain terms, there is an inadequate legal remedy, the court can correctly adjudicate, there is mutuality between the parties and there are no defenses.

Question 20

Inadequate legal remedy applies when you are dealing with

Answer 20

land or unique items.

Question 21

Speific preformance will not be applied to

Answer 21

services contract because it is difficult to enforce and can abridge certain constitutional provisions against servitude.

Question 22

Applicable law

Answer 22

Contracts are either guided by UCC or Common law. UCC law applies to moveable tangible goods while common law applies to service or real estate contracts.

Question 23

Contract formation

Answer 23

A valid contract requires an offer, acceptance, consideration and no defenses to formation.

Question 24

A valid offer requires an

Answer 24

expression of a promise, undertaking or commitment to enter into a contract, stated with definte and certain terms and commnication to an offeree.

Question 25

Merchants confirmatory memo

Answer 25

Teh SOF is satsified if a merchant sends another merchant a memo that is sufficent to bind the merchant who sends the memo (ie signed) and includes the parties, subject matter, and quanity. THe reciving merchant s bound even though he did not sign it if the above is satisified and he has reason to know of the confirmation contents and the reciving memo does not object within 10 day of recepit.

Question 26

Death of an offeree

Answer 26

An ofer is terminated at the death of either party

Question 27

the mailbox rule

Answer 27

an acceptance that is mailed within the allotted response time is effective when sent (not upon receipt), unless the offer provides otherwise

Question 28

Definte and certain terms in Speific Preformance

Answer 28

The contract must be valid and the terms must be sufficiently certain for the court to award SP.

Question 29

Feasibility of enforcement (

Answer 29

Enforcement of the contract must be feasible. It may not be feasible if the court lacks jurisdiction or if it requires too much supervision

Question 30

Mutuality

Answer 30

Mutuality requires that the party seeking SP has already fully performed or can show that he is ready, willing, and able to perform

Question 31

No defenses/ Fairness in SOF means

Answer 31

no laches or unclean hands

Question 32

Expectation damages as it realtes to UCC

Answer 32

UCC allows (i) the buyer to recover the market value at the time of the breach minus the contract price or (ii) the buyer purchase similar goods elsewhere and collect the difference between the cover and the original contract.

Question 33

A condition precedent is one that must occur before an

Answer 33

absolute duty of performance arises in the other party.

Question 34

In general, either party has the power to

Answer 34

terminate the agency relationship.

Question 35

A revocation or renunciation is effective as soon as

Answer 35

the other party has notice of it. However, it will not prevent the other party from being compensated for services that have already been performed.