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MBE Tips and tricks for Bar > Contracts - Formation of a K > Flashcards

Contracts - Formation of a K Flashcards

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MBE flashcards
1
Q

How do you create a K

A

Offer
Acceptance
Consideration

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2
Q

Offer

A

an outward manifestation of intent to enter into a contract

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3
Q

What is one thing that is not considered an offer

A

advertisement

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4
Q

Why are advertisements generally not considered

A

because they are considered an invitation to offer

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5
Q

How can an advertisement graduate to an offer

A

more speific terms

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6
Q

How do can you terminate an offer

A

Death
Lapse of time
Rejection
Counteroffer
Revocation

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7
Q

For lapse of time to terminate an offer, how long is the waiting period

A

usually a reasonable amount of time if no time is stated

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8
Q

In order for a revocation to terminate an offer, what are the 2 ways

A

Direct and Indirect

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9
Q

Direct revocation

A

retraction of an offer by the offeror

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10
Q

In order to revoke the offer you must do it

A

before the person responds

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11
Q

Indirect revocation

A

person receiving offer learns another deal was made

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12
Q

What are 3 instances in which the offer is irrevocable

A

Option K

UCC Sale of goods

Unilateral Act w/ performance already beginning

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13
Q

Option K

A

I promise you I will keep the offer open for a certain period of time

With additional consideration

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14
Q

Sales of good / firm offer

A

Sale of goods

Promise to keep the offer open

Writing to keep the offer open signed by the merchant

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15
Q

How long does a firm offer last

A

time stated but if no time is stated it is a maximum of 3 months

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16
Q

For a firm offer if no time is stated and we past the period of 3 months what happens to the offer

A

it becomes revocable

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17
Q

Unilateral K you look for

A

performance because once performance beings it becomes irrevocable

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18
Q

Bilateral K

A

Promise for a promise

19
Q

Once the offer is made to the person, it creates a

A

power of acceptance

20
Q

Mirror image rule only applies in

A

common law

21
Q

Mirror image is when

A

Acceptance has to mirror my offer

22
Q

What are the ways you can accept a offer

A

Silence (Fact pattern must state that the offeror would be okay with this)

Performance

Mail

in any way the offeror says to

23
Q

With the mailbox rule, acceptance is effective when

A

sent

24
Q

What is the exception to the mailbox rule

A

When you send the rejection first and then you send the acceptance letter → the first letter to arrive is effective

25
Q

UCC acceptance allows for

A

liberal acceptance even if you are off with the way you accept

26
Q

For UCC acceptance what matters

A

the material terms are the same

27
Q

What is not a valid acceptance under the UCC

A

Material change the terms of the K

Objection to the change of term in reasonable amount of time

Offer limits the acceptance

28
Q

Example of material change of the terms of the K

A

warranty disclaimers

29
Q

Consideration

A

bargain for exchanged between parties

30
Q

Will the court ever invalidate a K based on consideration

A

no

31
Q

What are the different ways to test you on consideration

A

illusory promise

gifts

past / moral consideration

32
Q

Illusory promise is when

A

Party making the offer retains the control

EX: I would like to sell you my car but I will let you know when I want to sell it to you

33
Q

What is the modern trend of a illusory promise

A

as long as there was interpretation that the promise can be interpreted as valid

34
Q

The promise to give a gift is

A

invalid consideration

35
Q

If I gave you the gift, is it valid consideration

A

yes

36
Q

Past or Moral consideration is

A

not considered consideration

37
Q

What is the key with past or moral consideration

A

when you gave the pormise. If you gave the promise before the person did the act, it is valid consideration.

38
Q

What are 4 instances of valid consideration

A

promise to pay debt barred by SOL

Promise to pay debt discharged by bankruptcy

Forebearance to sue even though you could

promissory estoppel

39
Q

Promissory estoppel

A

Promise by another that makes you rely upon to your detriment

40
Q

Accord and satisification deals with

A

debts

41
Q

If there is no dispute about the debt in an accord and satisfaction and you cash a check that says pay in full can you get the remainder

A

yes

42
Q

If there is a dispute about a debt and you cash a check that says pay in full or there is a settlement can you get the remainder

A

no

43
Q

When there is a doubt about the debt in the first place but you paid something anyway, can you get the remaining balance

A

no

MBE Tips and tricks for Bar (14 decks)

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