Contracts

Question 1

Offer

Answer 1

An offer is an objective manifestation of a willingness to enter into an agreement that creates the power of acceptance in the offeree.

Question 2

Terminate Offer

Answer 2

Through Rejection

Question 3

Counter offer

Answer 3

Acts as a rejection and terminates the old offer, but creates a new one

Question 4

Expectation Damages

Answer 4

Expectation damages are intended to put the nonbreaching party in the same position as if the contract had been performed.

Question 5

Parole Evidence Rules

Answer 5

The parol evidence rule prevents a party to a written contract from presenting prior extrinsic evidence that contradicts the terms of the contract as written.

Question 6

Intergration

Answer 6

If the writing completely expresses all of the terms of the parties’ agreement, then it is a total integration, and the parties cannot introduce any extrinsic evidence of prior or contemporaneous understandings.

Question 7

After-contract creation

Question 8

Promissory Estoppel

Answer 8

The doctrine of promissory estoppel can be used to enforce a promise if:

(i) the promisor should reasonably expect to induce action,

(ii) the promise does induce such action or forbearance, and

(iii) injustice can be avoided only be enforcement of the promise