MBE K Formation

Question 1

Offer

Answer 1

outward manifestation of intent to enter into a contract

Question 2

in conversations,

Answer 2

go one line at a time

Question 3

for offers,

Answer 3

you need specific terms

Question 4

Ads

Answer 4

not considered offers (invitation to offer)– look for specificity

Question 5

once offer, you have

Answer 5

power of acceptance

Question 6

ways to terminate offer

Answer 6

1) i die
2) lapse of time– if too long, it is unreasonable
3) rejection– once you reject, it is done
4)counteroffer- change the terms of the offer
5) revocation- i make offer and revoke

Question 7

direct revocation

Answer 7

i can change mind before you accept

Question 8

indirect revocation

Answer 8

you learn somehow that you took it off the table

Question 9

offers are

Answer 9

revocable!

Question 10

three cases where it can become irrevocable

Answer 10

1) option k- i promise i will keep it open and see what you can do for two weeks but you need additional consideration (offer revocable if no consideration)

2) Firm offer– writing signed by merchant, sale of goods (no consideration needed)
- three months will be the maximum, or the time stated
- you can revoke after the time stated

3) unilateral contract- promise for an act= becomes irrevocable once i start to perform
- owe money once you are done

Question 11

acceptance

Answer 11

mirror image rule in common law– if i say you need to do something to accept, must image that

if nothing, any reasonable way

silence if the facts indicate that they would be okay

performance is a form of acceptance

Question 12

mailbox rule

Answer 12

1) acceptance is effective when sent by mail on that day

2) exception- you send rejection first, change mind, send an acceptance– first letter to arrive prevails

Question 13

common law v UCC ACCEPTANCE

Answer 13

CL- must be the same

UCC- if you can accept any way and basic material terms then it is enforceable

Question 14

different terms will not affect unless

Answer 14

material change

if i object in a reasonable amount of time will

offer would limit

Question 15

consideration

Answer 15

bargain for exchange

im giving up something, you are giving up something

Question 16

never gonna invalidate consideration

Answer 16

because of the amount

Question 17

illusory promise

Answer 17

party making offer retains control
“in the future”

Question 18

modern trend

Answer 18

illusory promise is valid

Question 19

gift

Answer 19

1) promise to give a gift is invalid consideration

2) if gave check, enforceable

Question 20

past or moral consideration

Answer 20

not consideration

“at beach caught in riptide, save wife, i promise to give you ten bucks”

Question 21

promise to pay debt barred SOL/bk

Answer 21

valid consideration if i promise after

Question 22

forbearance to sue

Answer 22

i promise not to sue you and i agee, it is valid consideration

Question 23

promissory estoppel

Answer 23

1) promise to you

2) induce you

3) to rely to your detriment

Question 24

accord and satisfaction (debt)

Answer 24

1) if there is no dispute about the check, you can still get the rest

2) i offer to pay you 50, we settle and make another deal– this is enforceable

3) i dont know what you are talking about, ill give you 50– that is the end of the matter