Contracts Flashcards
a communication will not be considered to be definite and certain enough to be an offer if it is for the sale of goods and is missing…
a quantity term
a revocation is generally effective when…
received
an acceptance is generally effective when…
dispatched
an ordinary option K requires that the offeree gives consideration, whereas a merchant’s firm offer…
does not
an offer for a bilateral K can be accepted by
a promise or the beginning of performance
CL mirror image rule
requires an absolute and unequivocal acceptance of each and every term of the offer
a vague term in a K can be cured by…
part performance
an offer for a bilateral K can be accepted by
a promise to perform or the beginning of performance
an ad, catalog, or circular letter, listing the price at which a seller is willing to sell a product, would typically be construed as
an invitation for an offer
nonfulfillment of a condition will excuse a duty to perform that was…
subject to the condition
constructive condition
condition implied by a court even though it is not explicitly stated in the K
repudiation must be…
unequivocal
prospective failure to perform involves
mere doubts… allows the innocent party to suspend performance until she receives adequate assurances
elements for frustration
i) some supervening act or event leading to the frustration
ii) at the time of entering into the K, the parties did not reasonably foresee the act or event occurring
iii) the purpose of the K has been completely or almost completely destroyed by this act or event
iv) the purpose of the K was realized by both parties at the time of making the K
frustration will exist if
the purpose of the K has become valueless by virtue of some supervening event not the fault of the party seeking discharge
once an offeree of a unilateral K has fully performed, the K can be rescinded, but only if the rescission promise is supported by
i) an offer of new consideration by the nonperforming party
ii) elements of promissory estoppel OR
iii) manifestation of an intent by the offeree to make a gift of the obligation owed to her