NY BAR REVIEW CONTRACTS 1 Flashcards
contract is a ________ based on a _________
liability
promise
not all promises are _________
enforceable
contract is a _______ that the law will ________
promise
enforce
typical contract
exchange contract supported by consideration
exchange contract
mutual manifestation of assent, proof parties reached an agreement , show a reasonable person that they intended to be bound by an agreement
manifestation of assent
from offer and acceptance, from signed document showing parties agreed, or from a handshake without a writing. can be written or oral.
offer and acceptance in which law
common law
common law offer and acceptance pertains to which rule?
mirror image rule
contract formation also in which code?
uniform commercial code
generally required for contract to be enforceable
consideration
consideration
bargained for exchange
bargained for exchange
one promise is given for/in return to an other promise or performance
equality or fairness of exchange is referenced?
NO!
just an intention is needed re a mutually beneficial exchange
exchange promises are enforceable?
YES
gift promises are enforceable?
NO, unless there’s an exception to the required consideration
exceptions to consideration requirement for certain type of contracts
- written firm offer, hold offer open for time period . bound? NO , as wasn’t bargained for, as was NO consideration
lack of consideration __________ affect revocability of contract offer as long as WRITING references time period / irrevocable for period of time
does NOT
merchant firm offers governed by
UCC
past consideration
is NOT consideration
bargained for
promise enforceable
promise based on past consideration is ENFORCEABLE if
in WRITING signed by party to be bound and SUFFICIENT consideration is expressed in writing and is proven to have been given at the time - valid consideration
refinancing / modifying loan
loaned money in past and im making a new modifiable contract - this is taken care of
