Contracts

Question 1

Contract

Answer 1

Offer, Acceptance, Consideration

Question 2

Unilateral K

Answer 2

Offer that expressly requires performance as the only possible method of acceptance

Question 3

Bilateral K

Answer 3

all other offers, usually offer is silent as to acceptance.

Question 4

formation

Answer 4

was there an agreement, is the agreement enforceable

Question 5

Offer

Answer 5

manifestation of commitment

• ambiguous or vague = not an offer
• price = required in real estate, art 2. not required

Question 6

4 ways to terminate an offer

Answer 6

• Lapse of time
• death of party (exception for irritable offers)
• revocation
• rejection

Question 7

4 types of irrevocable offers

Answer 7

• Option K (offer +promise + consideration)
• Firm offer (goods, signed or written, merchant, not to exceed 3mos.)
• Reliance - must be reliance, reasonably foreseeable, detrimental
• Unilateral K - start of performance (not mere prep)

Question 8

Statute of Frauds

Answer 8

(1) Promises to answer for the debts of another;
(2) Service Ks not capable of being performed within 1 year of time of K;
(3) Trxs of interest in real estate; Exception -LEASES FOR ONE YEAR OR LESS
(4) Sale of goods for $500 or more

Question 9

Statute of Frauds: Modification

Answer 9

Modifications – only needs written evidence if K as modified will be within SoF
CL = provisions requiring written modification are generally NOT effective
UCC = provisions requiring written modification are effective unless waived