Contracts

Question 1

What is a contract

Answer 1

a legally enforcable agreement

Question 2

What universe covers real estate and services under contract law? What is the other universe and what does it cover?

Answer 2

1. the common law
2. The UCC - it deals with goods

Question 3

What is a mixed K?

Answer 3

k that has both services and goods

Question 4

What are the two rules regarding mized K’s. What are exceptions?

Answer 4

1. the all or nothing rule - you cannot be in both universes at the same time. Mixed k’s must fall under one.
   Exception is divisable k’s - the agreemnt is divided into two mini k’s
2. Predominant purpose test - the part of the k that predominantly rules k will govern

Question 5

What is required to form a contract?

Answer 5

“All Contracts Dont Stink”
* Agreeemnt - offer and acceptance
* Consideration - when to keeo promise
* Defenses - incapacity, duress, etc
* Statute of frauds - enforceability

Question 6

What constitutues an agreement?

Answer 6

1. Offer 2. Acceptance 3. Counteroffer

Question 7

What is an offer?

Answer 7

an offer is a **manifestation of a willingess to enter **into an agreement (by the offeror) that creates a power of acceptance (in the offerree).

Question 8

What test governs offers?

Answer 8

objective test - whether an offeror displays an objectivley serious intent to be bound

Question 9

You see me on the side of the road with the hood of my Jeep Wrangler open and wires pulled out everywhere. I kick the side of my Jeep and yell “I’d sell this stupid junker for $5!” You yell back, “I ACCEPT.” Do we have a contractual agreement?

Answer 9

No

Question 10

Can you accept an offer that is not directed to you?

Answer 10

no, excpet for contest offers

Question 11

What is required to be in a K? Under both CL and UCC

Answer 11

CL: All material terms need to be covered such as parties, subject, price, and quantity
UCC: only essential terms such as quantity. Court will fill in gaps if key terms are left out.

Price does not need to be covered under UCC

Question 12

What is a requirment K?

Answer 12

buyer is willing to buy 100% of whatever amount is needed from an indivisual seller.

Question 13

what is an Output K?

Answer 13

seller is offering to sell 100% of whatever amount is produced to an individual buyer

Question 14

what are two common ways to make a valid offer?

Answer 14

An invitation to deal - a preliminary communication that reserves a final right of approval with the speaker. It does not convey a power of acceptance to the other side.

An advertisement - ususally understoof as an invitation to deal, except for reward advertisements and specific ads that leave nothing open to negotiate

Question 15

What are the 6 ways to terminate an offer?

Answer 15

1. Revocation
2. Constuctive Revocation
3. Rejection
4. Counter Offers
5. Offeror Dies
6. Reasonable Time has passed