Contracts

Question 1

Contract Reformation

Answer 1

equitable action where court modifies a written contract to reflect the true intent of the parties (actual, intended agreement). Grounds include mistake and misrepresentation.

Question 2

Contract formation

Answer 2

Requires (i) mutual assent (offer and acceptance of such offer), (ii) consideration from each party, and (iii) no defenses to formation. Unilateral contract = offer expressly demands acceptance by performance.

Question 3

Confirmatory Memo Rule

Answer 3

If a merchant sends a signed written confirmation that satisfies the statute of frauds and the other party (merchant) fails to object within 10 days, the SOF is satisfied and K is enforceable both ways.