Contracts

Question 1

17. Requirement of a Bargain

Answer 1

Formation of contract requires:

1) Manifestation of mutual assent to the exchange
2) Consideration

Special rules where contract can be formed w/o bargain

Question 2

17.

Answer 2

Requirement of a Bargain

Question 3

22.

Answer 3

Mode of Assent: Offer and Acceptance

Question 4

22. Mode of Assent: Offer and Acceptance

Answer 4

1) Offer or proposal by one party
2) Acceptance by the other party or parties

Manifestation of mutual assent can be made even though neither can be identified

Question 5

24.

Answer 5

Offer Defined

Question 6

24. Offer Defined

Answer 6

Manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it (the bargain).

Question 7

26.

Answer 7

Preliminary Negotiation

Question 8

26. Preliminary Negotiation

Answer 8

Manifestation of willingness to enter into a bargain is not an offer if the person to whom it is addressed knows or has reason to know that the person making it does not intent to conclude a bargain until he has made a further manifestation of assent.

Question 9

27.

Answer 9

Existence of Contract Where Written Memorial Is Contemplated

Question 10

27. Existence of Contract Where Written Memorial is Contemplated

Answer 10

Manifestations of assent that are in themselves sufficient to conclude a contract will not be prevented from so operating by the fact that the parties also manifest an intention to prepare and adopt a written memorial thereof; but the circumstances may show that the agreements are preliminary negotiations.