K’s

Question 1

Contracts

Until when is an offer revocable?

Answer 1

Until the offer has been accepted

Question 2

Contracts

An offer is revocable until the offer has been accepted, unless the K is a:

Answer 2

(1) Option K
(2) Firm Offer
(3) Unilateral K

Question 3

Contracts

What is an option K and what additional element is neccessary to form an option K?

Answer 3

A promise to keep and offer open to a specific person for a specified period of time

Between lay people

Additional Element: consideration

Question 4

Contracts

What is a Firm Offer and what additional element is neccessary to form a firm offer?

Answer 4

Like an option K, but between merchands and NO CONSIDERATION neccessary.

Additional element: must be in writing.

Question 5

Contracts

What is a unilateral K?

Answer 5

a promise for performance

Question 6

When does a unilateral K become irrevocable?

Answer 6

once party begins performance

Question 7

Under a unilateral K, when is a party owed money for their performance?

Answer 7

Once person has finished the performance.

Question 8

When is an offer directly revoked and when is the revocation effective?

Answer 8

When you directly tell someone u changed ur mind, (not selling the car)

effective upon notice

Question 9

When is an offer indirectly revoked

Answer 9

when offeree learns that offeror made a deal w someone else “they lose the power to accept”

Question 10

How can an offer be accepted?

Answer 10

By any reasonable means (words/actions) as long as u manifest ur intent to accept

Question 11

When can an offer not be accepted by any reasonable means?

Answer 11

When the offeror specifies the manner of acceptance.

Question 12

If communicating via mail, acceptance is effective when ______.

Answer 12

SENT

Question 13

What if u first mail a letter of rejection, followed by a letter of acceptance?

Answer 13

LETTER THAT ARRIVES FIRST PREVAILS

Question 14

When will a gift be considered enforceable consideration?

Answer 14

Once you GIVE the gift, if enforceable and can’t get it back.

mere promise to give a gift is unenforceable consideration.

Question 15

Is past /moral consideration enforceable?

Answer 15

NO

Question 16

What is a Third Party Beneficiary and what are the two types?

Answer 16

two ppl make a K and someone else benefits

incidental and intended

Question 17

When is a third party beneficiary INTENDED?

Answer 17

when the original contracting parties expressed their intent to benefit the third party.

Question 18

When can intended third party beneficiary sue?

Answer 18

once their rights vest

Question 19

When do an intended third party beneficiary’s rights vest?

Answer 19

1. when they are informed of the benefit or
2. when he learns of the benefit and begins to rely on it/

Question 20

What can the OG contracting parties do before intended third party beneficary’s rights have vested?

Answer 20

whatever they want/change their minds.

Question 21

When is a third party beneficiary INCIDENTAL?

Answer 21

when someone is claiming to have a benefit, but the benefit is incidental to the K; parties expressed ZERO intent to benefit that party.

Question 22

When do an incidental third party beneficiary’s rights vest?

Answer 22

NEVER

Question 23

What is Assignment and Delegation?

Answer 23

looks like third party beneficiary because three people, but one party doesn’t do what they promised, instead they delegate the promise to someone else.

Question 24

Can you generally assign/delegate?

Answer 24

YES

**no notice or consent necessary

Question 25

Must party allow the assignee to perform?

Answer 25

YES

Question 26

Who can non-breaching party sue if assignee breaches?

Answer 26

BOTH parties, unless novation

Question 27

Can assignee change terms of K?

Answer 27

NO

Question 28

If parties agree to no assignment, is assignment still valid?

Answer 28

YES ## Footnote But can sue for damages for breaching promise

Question 29

When can you not assign to anyone?

Answer 29

When K is for personal, unique service; u hired that person because it was them

Question 30

Types of K under SOF?

Answer 30

- M: marriage - Y: K cannot be performed in less than 1 year -L: Land; any conveyance of interest in land -E executor; name u executor of state -G: guarantor; surety K; guaranteeing the debt of another -S: sale of goods of 500$ or more

Question 31

When can you raise statute of frauds to get out of a K?

Answer 31

BEFORE PERFORMANCE

Question 32

When can you not raise statute of frauds to get out of K?

Answer 32

FULL PERFORMACE; once both parties do what they were supposed to do.

Question 33

What does the part-performance exceptioin to the SOF do?

Answer 33

Removes the writing requirement

Question 34

What is considered part performance under a Land K?

Answer 34

some payment + possession of land or make improvements to land

Question 35

What is considered part performance under a sale of goods K?

Answer 35

party payment + part delivery

Question 36

What is parol evidence?

Answer 36

After a K is formed, one party tries to admit oral evidence––prior to or contemporaneous with the K––into the K

Question 37

What is final integration?

Answer 37

Parties wanted the writing to be the whole story ## Footnote merger clause=final

Question 38

If K is a final integration, what extrinsic evidence may be admitted?

Answer 38

Nothing admitted, except to clear up ambiguity; no extrinsic evidence is allowed to contradict or add to the terms of K.

Question 39

What is partial integration?

Answer 39

a final statement on some terms but not the complete agreement.

Question 40

If K is a partial integration, what extrinsic evidence may be admitted?

Answer 40

- Consistent additional terms admitted, but not material alteration or contradicting material terms

Question 41

If Q doesnt specify whether K is final or partial, presume that the K is ____.

Answer 41

PARTIAL

Question 42

When is parol evidence always coming in?

Answer 42

1) to prevent fraud/duress 2) Prove existence of condition precedent 3) In a sale of goods to show: 1. Course of dealing: how parties always did it 2. Trade & custom: how industry does it

Question 43

What is a condition?

Answer 43

Something happens which relieves party of duty to perform ## Footnote “Only if” “unless” “but-for”

Question 44

Types of Conditions:

Answer 44

1) Precedent: Before day of performance 2) Subsequent: after day of K performance 3) Concurrent: on the day of K performance

Question 45

Waiver of Condition:

Answer 45

Somebody says don’t worry about it

Question 46

When does modification apply?

Answer 46

after you have a K

Question 47

Under common law, is additional consideration needed to modify?

Answer 47

YES ## Footnote usually seen as Land, Services K

Question 48

Under the UCC, is additional consideration needed to modify?

Answer 48

NO, only good faith between parties

Question 49

Promissory Estoppel

Answer 49

One person makes promise and induces other party to rely on their detriment ## Footnote - Detrimental reliance: u do something that you wouldn’t have otherwise - Deteriment= consideration - detriment doesnt have to HURT the party.