Final Countdown

Question 1

What is a contract?

Answer 1

A contract is a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.

PBRPD. PBR has a contract with the police department.

Question 2

What is a promise?

Answer 2

A promise is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made.

MARS-JP. I promise to go to Mars.

Question 3

What is an agreement?

Answer 3

An agreement is a manifestation of mutual assent on the part of two or more persons.

MAP. Boots and Dora have an agreement to get the map.

Question 4

What is a bargain?

Answer 4

A bargain is an agreement to exchange promises or to exchange a promise for a performance or to exchange performances.

AEPP. Apes like to bargain.

Question 5

What is required to form a contract?

Answer 5

The formation of a contract requires a bargain in which there is a manifestation of mutual assent to the exchange and a consideration.

BMC. British Motor Corporation has contracts.

Question 6

What is an offer?

Answer 6

An offer is a 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.

Mary Was Beating John On Air in Canada. Canadians like to offer candy.

Question 7

What is an option contract?

Answer 7

An option contract is a promise which meets the requirements for the formation of a contract and limits the promisor’s power to revoke an offer. 25

PRCLR. It is optional for the People’s Republic of China to have Lesbian Relationships.

Question 8

What is the offeree’s power of acceptance?

Answer 8

An offer gives to the offeree a continuing power to complete the manifestation of mutual assent by acceptance of the offer.

Question 9

Can a contract be created by an acceptance after the power of acceptance has been terminated by one of the ways listed in S36?

Answer 9

No.

Question 10

What may an offeree’s power of acceptance be terminated by?

Answer 10

Rejection or counter offer by the offeree, or
Lapse of time, or
Revocation by the offeror, or
Death or incapacity of the offeror or the offeree

An offer expires when it gets TIRED:
T – Reasonable TIME after an offer is made, or after expiration date expressly stated in an offer
I – Mental INCAPACITY or death of offeror or offeree
R – REVOCATION of an offer communicated to an offeree before acceptance
E – EXPRESS or implied rejection communicated to offeror
D – DESTRUCTION of the subject matter of the offer or intervening illegality terminates an offer by operation of law

Question 11

What is a counter-offer?

Answer 11

A counter-offer is an offer made by an offeree to his offeror relating to the same matter as the original offer and proposing a substituted bargain differing from that proposed by the original offer.

I counter Super Mario Smash Bros Do Overs

Question 12

What is an acceptance of an offer?

Answer 12

Acceptance of an offer is a manifestation of mutual assent to the terms made by the offeree in manner invited or required by the offer.

MATOMIRO. Mr. Matomiro accepts your generosity.

Question 13

What is consideration?

Answer 13

To constitute consideration, a performance or a return promise must be bargained for. A return promise or performance is bargained for if it is sought by the promisor in exchange for his promise and given by the promisee in exchange for that promise.

Question 14

What is the benefit-detriment theory of consideration?

Answer 14

Under the benefit-detriment theory, an adequate consideration exists only when a promise made to the benefit of the promisor and/or to the detriment of the promisee, which reasonably and fairly induces the promisor to make a promise for something else for the promisee.

Question 15

What is an invitation to bargain? (Preliminary Negotiations)

Answer 15

A manifestation of willingness to enter into a bargain is not an offer if the person to whom it is addressed knows or has reason to know that the person making it does not intend to conclude a bargain until he has made a further manifestation of assent. 26d

“Make me an offer” Courteen Seed Co. v. Abraham

Question 16

What is a unilateral contract?

Answer 16

A unilateral contract is one in which only one of the parties makes a promise or has a duty to perform. That party must make an offer to the other party. Consideration sufficient to make the promise enforceable is given by the offeree at the time the contract is formed. In other words, the act that constitutes acceptance of the offer also supplies the consideration sought by the offeror.

Question 17

What are the elements of promissory estoppel?

Answer 17

1) A promise must be made
2) The promisor must reasonably expect that his promise will induce action or forbearance,
3) Such action or forbearance is induced therefore establishing a detrimental reliance,
4) Justice requires enforcement
5) The remedy is limited as justice requires.

I made a promise to go to REI (Reasonably Expected to Induce) to get DRE (Detrimental Reliance + Enforcement) a Large Jacket (Limited as Justice Requires)

Question 18

What are the elements of restitution?

Answer 18

1) The defendant receives a benefit
2) The party conferring the benefit has reasonable expectations of compensation
3) The party conferred the benefit at the defendant’s implied or express request
4) and unjust enrichment has occurred.

Question 19

What is the choice principle?

Answer 19

The recipient of an unrequested benefit is not obligated to pay for it unless they are given a choice to accept or reject it.

Question 20

How is an implied-in-fact contract established?

Answer 20

To establish the existence of an implied in fact contract, it is necessary to show:

An unambiguous offer,
Unambiguous acceptance,
Mutual intent to be bound, and
Consideration

These four elements are the same for both express contracts and implied contracts. The difference between the two is that an implied contract does not require any of the above elements to be established through oral or written words.

OAMC. It is implied that oreo always makes cookies.

Question 21

When is a modification to a contract binding?

Answer 21

(a) If the modification is fair and equitable in view of circumstances not anticipated by the parties when the contract was made; or
(b) to the extent provided by statute; or
(c) to the extent that justice requires enforcement in view of material change of position in reliance on the promise.

Question 22

When is an option contract binding?

Answer 22

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 reasonable time; or
(b) is made irrevocable by statute 87

WSCERTMIS. Writers sign classics exciting readers that make interesting stories.

Question 23

What is the mirror image rule? (S)

Answer 23

Under the common law, the terms in the acceptance must match the terms of the offer exactly. If the purported acceptance contains different or additional terms, it is NOT an acceptance — it is a counteroffer.

Question 24

What steps are part of an ambiguous term analysis? (Chinen)

Answer 24

Same meaning? (If yes, controls)
Know or reason to know other party’s meaning? (If yes, other party’s term controls)
Objective meaning? (If yes, objective meaning controls)
No contract.

Frigaliment (Chickens Case)

Question 25

For the purposes of UCC 2-207, what is a different term? (S)

Answer 25

A different term is a term that was not included in the original offer that conflicts with the terms of the original offer (e.g., offeree changes the price term from $5,000 to $4,000 and sends it back to the offeror).

Question 26

For the purposes of UCC 2-207, what is an additional term? (S)

Answer 26

An additional term is a term that was not included in the original offer that does NOT conflict with the original offer (e.g., offeree adds a choice of law provision that was not included in the original offer and sends it back to the offeror).

Question 27

What is the last shot rule?