Contracts in General

Question 1

What is a contract

Answer 1

An enforceable promise

Question 2

What types on contracts are covered by U.C.C. Article 2

Answer 2

Sale of goods

Question 3

What is needed for a contract to be formed (3)

Answer 3

Offer and Acceptance Consideration

Question 4

Objective Theory of Contract formation

Answer 4

Reasonable person standard of communicated willingness to bargain seeking another person’s agreement

Question 5

§24.Offer Defined.

Answer 5

An offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.

Question 6

§50.Acceptance of Offer Defined; Acceptance by Performance; Acceptance by Promise.

Answer 6

(1) Acceptance of an offer is an offeree’s manifestation of assent to the terms in a manner invited or required by the offer.

(2) Acceptance by performance requires that at least part of what the offer requests be performed.

(3) Acceptance by a promise requires that the offeree complete every act by the making of the promise.

Question 7

What is consideration

Answer 7

a bargained for exchange of legal value

Question 8

An enforceable promise

Answer 8

A contract

Question 9

What covers the Sale of goods

Answer 9

U.C.C Article 2

Question 10

Offer Acceptance and Consideration

Answer 10

Are needed for a contract to be formed

Question 11

Reasonable person standard of communicated willingness to bargain seeking another person’s agreement

Answer 11

Objective Theory of Contract formation

Question 12

An offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.

Answer 12

§24.

Question 13

(1) Acceptance of an offer is an offeree’s manifestation of assent to the terms in a manner invited or required by the offer.

Answer 13

§50.Acceptance of Offer Defined;

Question 14

(2) Acceptance by performance requires that at least part of what the offer requests be performed.

Answer 14

§50.Acceptance by Performance;

Question 15

(3) Acceptance by a promise requires that the offeree complete every act by the making of the promise.

Answer 15

§50.Acceptance by Promise.

Question 16

A bargained for exchange of legal value

Answer 16

Consideration

Question 17

UCC §2–204.Formation in General.

Answer 17

(1) A contract for sale of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of such a contract.

(2) An agreement sufficient to constitute a contract for sale may be found even though the moment of its making is undetermined.

(3) Even though one or more terms are left open a contract for sale does not fail for indefiniteness if the parties have intended to make a contract and there is a reasonably certain basis for giving an appropriate remedy

Question 18

§87.Option Contract.

Answer 18

(1) An offer is binding as an option contract if it
(a) is in writing and signed by the offeror, recites a
purported consideration for the making of the
offer, and proposes an exchange on fair terms
within a reasonable time; or
(b) is made irrevocable by statute.

(2) An offer which the offeror should reasonably expect to induce action or forbearance of a substantial character on the part of the offeree before acceptance and which does induce such action or forbearance is binding as an option contract to the extent necessary to avoid injustice.