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contracts > Is there a deal between the parties? > Flashcards

Is there a deal between the parties? Flashcards

1
Q

Offer

A
  1. One party clearly manifested willingness
  2. to enter into contract
  3. in such a way that offeree reasonably knows of willingness
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2
Q

Does common law require a specified quantity in the offer?

A

Yes

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3
Q

Does UCC require a specified quantity in the offer?

A

No

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4
Q

What are three examples of invalid offers?

A
  1. Preliminary negotiations
  2. State of opinion/intention
  3. Solicitations or advertisements
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5
Q

When do preliminary negotiation become a contract?

A

Only after necessary material details have been agreed upon

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6
Q

Is an oral agreement for a future written contract an offer?

A

No, not if either party intends not to be bound in absence of fully executed written contract

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7
Q

When does a solicitation or advertisement become an offer?

A

Only when it is clear and leaves nothing for negotiation

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8
Q

What is an example of a solicitation/advertisement that is an offer?

A

Reward

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9
Q

Types of revocation (ways it can be revoked)

A
  1. Death/incapacity
  2. Unreasonable lapse of time
  3. Direct revocation
  4. Indirect revocation
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10
Q

If deadline is specified in the offer, when is offer revoked?

A

Offer terminated at specified time

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11
Q

If no deadline is specified in the offer, when is offer revoked?

A

Offer terminated after reasonable amount of time

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12
Q

Direct revocation

A

Offeree receives notice from offeror of intent to not enter into proposed contract

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13
Q

Indirect revocation

A
  1. Offeror takes definite action inconsistent with an intention to enter into proposed contract AND
  2. Offeree acquires reliable information to that effect
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14
Q

Option contract

A

Promisee gives consideration in return promisor’s power to revoke offer is limited

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15
Q

Option contract (in unilateral contract)

A

Automatically created when offeree begins performance

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16
Q

Option contract (in bilateral contract)

A

Offer is held open for specified time if consideration is given by offeree

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17
Q

Merchant’s firm offer

A
  1. Offer
  2. Signed promise to hold offer
  3. For stated time, never longer than 3 months
18
Q

When is an offer irrevocable (four instances)?

A
  1. Option contract
  2. Merchant’s firm offer
  3. Detrimental reliance
  4. Partial performance
19
Q

Detrimental reliance (offer)

A
  1. Offer which offeror should reasonably expect to induce offeree’s action or forbearance
  2. That does induce such action or forbearance
  3. Becomes binding as option contract when necessary to avoid injustice
20
Q

In what type of offer does partial performance make the offer irrevocable?

A

Unilateral = when offeree begins performance, offer becomes irrevocable

21
Q

What does rejection of offer do in common law?

A

Rejection terminates offer and power of acceptance

22
Q

Can an offer be revived?

A

Yes, by offeror’s renewal of offer

23
Q

Mirror image law (common law)

A

Unless acceptance is identical to offer, acceptance is considered a rejection

24
Q

Examples of rejection by mirror image law

A
  1. Counteroffers
  2. Conditional acceptance
  3. Additional terms
25
Q

Under UCC, what are additional/different terms in an acceptance, if acceptance is not expressly made conditional and at least one party is a non-merchant?

A

Operates as an acceptance, with the additional/different terms becoming proposals for addition

26
Q

Under UCC, what are additional/different terms in an acceptance, if acceptance is not expressly made conditional and both parties are merchants?

A

Operates as an acceptance, with additional/different terms becoming part of the contract unless

  1. additional terms materially alter the offer
  2. notification of objection is given within reasonable time after receiving additional terms
27
Q

Under UCC, what are additional/different terms in an acceptance, if acceptance is expressly made conditional on additional/different terms?

A

Conduct by both parties is sufficient to establish a contract but they are only bound to terms they agreed upon

28
Q

If mode of acceptance is specified, how do you accept?

A

In manner specified

29
Q

UCC modes of acceptance in shipment contracts (when not specified)

A
  1. Prompt promise to ship

2. Shipment of nonconforming or conforming goods

30
Q

When do nonconforming goods not constitute acceptance?

A

Only when seller notifies buyer that shipment is offered only as accommodation to buyer

31
Q

Under common law, what are the modes of acceptance?

A
  1. Promise
  2. Performance
  3. Silence
32
Q

What does a promise as acceptance require?

A

Requires that offeree complete every act essential to making of the promise

33
Q

What does performance as acceptance require?

A

Requires at least part of what offer requests be performed or tendered

34
Q

In essence, what does performance as acceptance operate as?

A

Return promise

35
Q

Mailbox rule

A

Acceptance is effective when sent, not when received

36
Q

What the exceptions to mailbox rule?

A
  1. Option contract
  2. Unauthorized means
  3. Performance
37
Q

When is acceptance valid in an option contract?

A

Upon receipt

38
Q

When is acceptance valid by unauthorized means?

A

Upon receipt

39
Q

When is acceptance valid by performance?

A

If offeror cannot reasonably become aware of acceptance by performance, acceptance is valid upon proven notice

40
Q

In what three situations does silence operate as acceptance?

A
  1. Offeree takes benefit of offered services with reasonable opportunity to reject them and reason to know they were offered with expectation of compensation
  2. Where offeror has stated or given reason to understand that assent may be manifested by silence and offeree in remaining silent intends to accept
  3. Where it is reasonable for offeree to notify offeror if he does not intend to accept, because of previous dealing or otherwise

contracts (7 decks)

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