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Practice sets > K > Flashcards

K Flashcards

1
Q

What is a K

A

legally enforceable promise

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2
Q

K elements

A

Offer, acceptance, consideration, (MA)

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3
Q

Unilateral K

A

requires full performance as only acceptable method of acceptance

Rewards
Prizes
When the offer expressly requires performance as the only means of acceptance

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4
Q

Bilateral contract

A

promise to perform or beginning performance are only means of acceptance

*majority

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5
Q

Express K

A

2 parties agreeing to do something orally or in writing

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6
Q

Implied In Fact K

A

results from conduct

*nail salon

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7
Q

Implied-in-law K

A

not a real K and parties don’t intend to undertake duties in question- principles of equity

Elements BRU
P has conferred a benefit on D
P reasonably expected to be paid and ‘
D would be unjustly enriched if P not compensated

Damages: P recovered reasonable value of services rendered or extent to which property valued

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8
Q

Article 2 of UCC

A

transactions in goods; sale

goods- tangible objects that are moveable at the time of identification to the contract for sale (NOT real estate)

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9
Q

Hybrid K

A

mix of goods and services

to determine if CL or UCC applies use predominant purpose test

Factors: time/money spent on goods, services, language of K

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10
Q

Offer

A

manifestation of intent to enter into a K

reasonable person in position of offeree believe offer made and assent would create K

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11
Q

When is offer created

A

intent, essential terms and communication

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12
Q

manifestation of intent

A

to enter into a K with the understanding that an acceptance would create a K

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13
Q

Essential terms to a K 4 valid offer

A

Identification of the offeree
price to be paid but only for RE if under UCC they will fill in missing price term w/ reasonable price but not vague term
Quantity and subject matter- necessary for UCC

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14
Q

Ads

A

not an offer

only invitation to make an offer b/c no identification unless it says first come first serve

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15
Q

Communication

A

offer must be communicated to the offeree to be accepted

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16
Q

Output Contracts

A

do not need a set quantity; seller and buyer can agree that buyer will buy everything the seller makes (output contract) or everything buyer requires

Amount must be in good faith and not unreasonably disproportionate to stated estimate or a comparable prior output or requirement

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17
Q

Without Reserve Bid

A

auctioneer must sell to highest bidder

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18
Q

With reserve Bid

A

auctioneer doesn’t have to sell it to the highest bidder can reserve right to not sell

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19
Q

Termination of offer

A

can’t be accepted if terminated

terminate through DLRR
death, lapse, revocation, rejection

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20
Q

Lapse of Time

A

reasonable time

if in person @ end of conversation

21
Q

Rejection

A

offer can’t be accepted after rejected

if reject terms its a counteroffer

22
Q

Acceptance that is actually rejection

A

CL- additional terms

UCC- conditioned acceptance on new term

Exception to adding- Option K unless there is a reliance on the objection

23
Q

Revocation

A

offer can generally be revoked before acceptance unless exception FOUR

  1. Firm Offer
  2. Option K
  3. Beginning Performance on Unilateral K
  4. Reasonably foreseeable substantial reliance on offer
24
Q

Firm Offer

A

MASS

offer is made by merchant
gives assurances that offer will be held open
contract for sale of goods (UCC)
signed writing
held open for stated time or reasonable time implied and can’t be over 3 months

25
Q

Option K

A

offeror has promised to keep offer open and promise is supported by consideration

26
Q

Beginning performance on unilateral K (option K)

A

offer may not be revoked if the offeree had begun performance on unilateral K
must allow time to complete once performance is started

27
Q

Reasonably Forseeable Substantial Reliance on offer

A

offer may not be revoked if there has been reasonably foreseeable detrimental reliance on the offer by offeree

bids in construction

28
Q

Did the offeror revoke offer

A

offeror needs to act inconsistent with intent to make the offer and offeree receieve true & reliable information to this effect

29
Q

Methods of revocation

A

simply tell offer revoked
offeree hears true reliable information or sees offeror doing something that would be inconsistent with his offer
changing mind

30
Q

Mailbox Rule

A

Acceptance is effective when sent

Rejection is effective when received but message doesn’t need to be read

Rejection then acceptance sent whichever received first

Acceptance then rejection acceptance controls unless relied on rejection

31
Q

Revoking offer made to public

A

must revoke in same manner made publish revoke by publish

32
Q

Death/incpacity

A

offeree power to accept to offer is terminated when the offeror dies or becomers insane even if they don’t know.

unless option K or beginning performance on unilateral

33
Q

Acceptance

A

manifestation of assent to offer

objective assent viewpoint reasonable

34
Q

Acceptance of option K

A

must be received

35
Q

How offer can be accepted

A

offeror can mandate method of acceptance

“offeror master of offer”

36
Q

Accepting unilateral K

A

full performance

37
Q

Accepting bilateral K

A

accepted by promise or beginning performance

38
Q

Silence as acceptance

A

silence can’t be a form of acceptance, but allowed if reasonable when looking prior dealings

39
Q

UCC acceptance

A

ship goods

promise to ship

40
Q

Seller doesn’t make promise but ships nonconforming goods

A

breach + acceptance

41
Q

Seller notifies buyer of nonconforming goods

A

Sent as accommodation, before accepting is counter

Buyer doesn’t need to keep and can sue for breach

42
Q

CL Mirror Image rule

A

acceptance must be mirror image of offer or its rejection

additional terms are counter offer and rejection of OG offer

43
Q

Last shot rule

A

last document sent controls when parties acting like they are under a K when K invlaid

44
Q

UCC Battles of the Forms 2-207

A

Additional terms become part of K if both parties are merchants unless

  1. acceptance expressly limits acceptance to term
  2. additional term materially alters K
  3. offeror has already objected or objects within reasonable time after receiving terms

*otherwise additional terms are mere proposals which have been accepted by other party

45
Q

Acceptance w/ different terms

A
  1. knock out doctrine- courts knock out any different terms and then use default terms bu using UCC gap fillers
  2. minority rule treat different terms the same as additional terms
46
Q

consideration

A

present when there there is legal detriment or bargained for exchange of value

47
Q

Legal Detriment

A

promisee must suffer legal detriment which is refraining from something doing something they are legally allowed to do or not allowed to do

48
Q

Bargained for legal exchange

A

promise or performance provided from each side in exchange for promise or performance

Practice sets (10 decks)

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