Contracts

Question 1

offer

Answer 1

present intent to be bound
certain and definite terms
identified offeree

Question 2

firm offer

Answer 2

written offer signed by a merchant giving assurances offer will stay open - irrevocable without consideration for stated time/no more than 3 months

Question 3

mailbox rule

Answer 3

acceptance effective upon dispatch

Question 4

revocation

Answer 4

effective upon receipt, by words or deed

Question 5

SOF

Answer 5

contracts for sale of goods over $500 need writing signed by party to be charged

Question 6

damages/cover

Answer 6

under UCC, buyer can cover and replace goods and then recover difference in price from breaching party

Question 7

detrimental reliance

Answer 7

revocation will be ineffective if offeree foreseeably and detrimentally relied on offer

Question 8

quasi-contract

Answer 8

to avoid unjust enrichment will be entitled to reimbursement

Question 9

parole evidence

Answer 9

agreements made prior to or contemporaneous with K are inadmissible to change K terms

Question 10

modification

Answer 10

at CL modification requires mutual assent and consideration. att ucc simply mutual assent and good faith

Question 11

impossibility

Answer 11

supervening, unforeseeable event makes performance impossible. discharges duty to perform

Question 12

impracticability

Answer 12

occurrence of an event the parties assumed would not occur makes performance extremely and unreasonably difficult. discharges duty to perform

Question 13

frustration of purpose

Answer 13

purpose for entering the contract is destroyed by supervening events. discharges duty to perform

Question 14

major breach -

Answer 14

parties do not receive substantial benefit of the bargain

Question 15

minor breach

Answer 15

party does receive substantial benefit of the bargain

Question 16

consequential damages

Answer 16

damages that are direct and foreseeable consequence of K nonperformance and are unique to each plaintiff. must be foreseeable, duty to mitigate and certain

Question 17

battle of the forms

Answer 17

between merchants, additional terms become part of the contract unless:
offer limits acceptance to terms
material alteration
o’or rejects new terms within reas. time

Question 18

condition

Answer 18

event that must occur before performance is due

Question 19

waiver of condition

Answer 19

failure to insist on compliance may function as a waiver

Question 20

knock out rule

Answer 20

cancelling terms knock each other out