CONTRACTS EXAM Flashcards
Contract
A binding promise that courts will enforce
2 Sources of Contract Law
UCC and Common Law
UCC is ______ Law
State
Perform
Successful Completion of a contractual duty
Express
K formed in words
Implied
K inferred from conduct
Bilateral
One promise in return for another promise
Unilateral
One makes promise, one accepts
Executed
K fully performed by all parties
Executory
K not fully performed
Valid
Meets all requirements for K
Voidable
K may exist, voidable by innocent party
Unenforceable
Valid K but enforceable by 1+ parties
Examples of voidable Ks
Physical Threats, Fraud in the Execution
Unilateral Examples:
Scholarship, Mowing lawn
When can an offer be revoked?
Anytime before acceptance
What is NOT required for a firm offer to be unrevokable?
CONSIDERATION (buyer doesnt have to pay to keep offer open)
When is a K formed?
Upon acceptance
K must be in writing if amount is greater than:
$500
When is email offer effective?
When open or viewed
When is email acceptance effective?
When sent to the correct email address
Variant Acceptance
Acceptance that contains different terms than the offer
Mirror Image Rule
CL, Offer and Acceptance must be identical
Battle of the Forms
UCC