Contracts - Offer and Acceptance

Question 1

What is the role of “price” in a common law contract versus UCC?

Answer 1

Price is one of the essential components of Common La contracts unlike UCC where offer to sale of goods can be made without price stated.

Question 2

Death and termination of offer

Answer 2

If the offer had not been accepted before death of one of the parties, it is automatically terminated

Question 3

IS consideration required for material modification of a contract?

Answer 3

UCC - No             
Common law (real estate )  - Yes

Question 4

What is Parole Evidence Rule?

Answer 4

Parole Evidence rule states that any agreement that was made “before” the contract was signed, cannot be brought to testimony. but after the contract can be admissible evidence

Question 5

What are the exception to “pre-existing” duty

Answer 5

Recession
Unforeseen difficulties
Modification of UCC contract

Question 6

What is UCC requirements and Output Contract?

Answer 6

UCC requirements - buyer promises to buy all requirements, amount not specified, from seller

Seller promises to sell all output, amount not specified, to buyer

Question 7

What are the exceptions to the Consideration requirement?

Answer 7

1) Estoppel - cannot deny fact of prior conduct
2) Promissory Estoppel - someone promises to do ABC if the other party does XYZ. Now if the XYZ is done, ABC will be enforced.
3) Bankruptcy - debts discharged in bankruptcy is not required to be paid back, unless a new promise is made and then no consideration is required
4) UCC - 4 years from the promise or breach is the statute of limitations. If a promise is renewed, then enforceable even withoutconsideration