Contracts Essay Ele

Question 1

Offer

Answer 1

An offer is an outward manifestation to enter into a contract with specific terms communicated to an offeree. Offers are generally revocable until an offeree accepts or begins performance.

Question 2

Merchant’s Firm Offers

Answer 2

When provided in writing must be rejected within 10 days or are considered agreed.

Question 3

Acceptance

Answer 3

Acceptance is an outward manifestation of intent to enter into contract by words or performance. Acceptance can be in any reasonable manner.

Question 4

Bargain for Consideration

Answer 4

A bargain for consideration requires a legal detriment or benefit between parties

Question 5

Selection of Law

Answer 5

Contracts involving goods are governed by UCC-2. Good are any tangible and movable item. Contracts involving property and services are governed under Common Law.

Question 6

Pathing

Answer 6

Choice of Law
Contract Formation
Modification
Defenses
Breach

Question 7

Breaches

Answer 7

A minor breach occurs when contractual obligations are left undone but a party still received the benefit of the bargain.

A material breach occurs when then breach is so substantial that the party does not receive the benefit of the bargain.