NY BAR REVIEW CONTRACTS 1

Question 1

contract is a ________ based on a _________

Answer 1

liability

promise

Question 2

not all promises are _________

Answer 2

enforceable

Question 3

contract is a _______ that the law will ________

Answer 3

promise

enforce

Question 4

typical contract

Answer 4

exchange contract supported by consideration

Question 5

exchange contract

Answer 5

mutual manifestation of assent, proof parties reached an agreement , show a reasonable person that they intended to be bound by an agreement

Question 6

manifestation of assent

Answer 6

from offer and acceptance, from signed document showing parties agreed, or from a handshake without a writing. can be written or oral.

Question 7

offer and acceptance in which law

Answer 7

common law

Question 8

common law offer and acceptance pertains to which rule?

Answer 8

mirror image rule

Question 9

contract formation also in which code?

Answer 9

uniform commercial code

Question 10

generally required for contract to be enforceable

Answer 10

consideration

Question 11

consideration

Answer 11

bargained for exchange

Question 12

bargained for exchange

Answer 12

one promise is given for/in return to an other promise or performance

Question 13

equality or fairness of exchange is referenced?

Answer 13

NO!

just an intention is needed re a mutually beneficial exchange

Question 14

exchange promises are enforceable?

Answer 14

YES

Question 15

gift promises are enforceable?

Answer 15

NO, unless there’s an exception to the required consideration

Question 16

exceptions to consideration requirement for certain type of contracts

Answer 16

1. written firm offer, hold offer open for time period . bound? NO , as wasn’t bargained for, as was NO consideration

Question 17

lack of consideration __________ affect revocability of contract offer as long as WRITING references time period / irrevocable for period of time

Answer 17

does NOT

Question 18

merchant firm offers governed by

Answer 18

UCC

Question 19

past consideration

Answer 19

is NOT consideration

Question 20

bargained for

Answer 20

promise enforceable

Question 21

promise based on past consideration is ENFORCEABLE if

Answer 21

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

Question 22

refinancing / modifying loan

Answer 22

loaned money in past and im making a new modifiable contract - this is taken care of