Formation

Question 1

UCC governs

Answer 1

The sale of goods

Question 2

Contracts under UCC must contain definite terms that

Answer 2

Reasonably identify the goods to be sold AND specify the quantity

Question 3

Output

Answer 3

Contract for sale of as many goods as seller produces

Question 4

Requirements

Answer 4

contract for sale of as many goods as buyer requires

Question 5

Illusory promise is unenforceable because

Answer 5

promisor has discretion whether to perform at all

Question 6

UCC will fill these terms if not included

Answer 6

Place of delivery, time for shipment and delivery, price, time and place for payment

Question 7

Offer

Answer 7

Communication that gives the recipient the power to conclude contract by accepting the offer

Question 8

Unilateral offer invites acceptance by

Answer 8

Performance

Question 9

Bilateral contracts invite acceptance by

Answer 9

return promise

Question 10

When the performance begins in unilateral contract

Answer 10

Option contract is created and offeror cannot revoke the offer

Question 11

When performance begins in bilateral contract,

Answer 11

This serves as acceptance and the offeree is bound to complete performance

Question 12

Bilateral offer can be accepted by

Answer 12

Return promise or starting performance

Question 13

Promissory estoppel

Answer 13

Promisor reasonably expected to induce reliance, enforcing party reasonably relied, reliance caused substantial detriment and injustice can only be avoided by enforcing promise

Question 14

Not consideration

Answer 14

Gift promises, conditional gifts, nominal consideration, preexisting legal duty, illusory promise

Question 15

Consideration is present

Answer 15

1. Promisee incurs legal detriment OR promisor receives legal benefit AND
2. Promise induces detriment AND detriment induces promise