Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Contracts - Mid-Term Law School Review > Offer > Flashcards

Offer Flashcards

You may prefer our related Brainscape-certified flashcards:
Civil Procedure 1L flashcards MBE flashcards MPRE flashcards
1
Q

Define Offer

Offer

A

Memorize
An offer is a manifestation of present contractual intent, communicated to an identified offeree, containing definite and certain terms.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is High/Low?

Present Contractual Intent - Offer

A

Memorize
Statements that contain the lowest price a person would sell or the highest price a person would pay are not offers to sell or buy, respectively, at the stated price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Are jokes offers?

Present Contractual Intent - Offer

A

Memorize
If an offer is made in jest, and the offeree knows or should have known that the offer is a joke, then the offer is invalid.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Power of Acceptance - Essay Statement

Present Contractual Intent - Offer

A

Memorize

Here, a reasonable person would believe that all he needs to say is ‘I accept” and a contract will be formed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Are Advertisement’s, Catalogues, and Quotes Offers?

Present Contractual Intent - Offer

A

Memorize
The general rule is that advertisements (e.g. newspaper ads, handbills, fliers, etc.) are not considered offers but are invitations to receive offers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Are Inquiries, Bids and Preliminary Negotiations Offers?

Present Contractual Intent - Offer

A

Memorize

Inquiries, bids and preliminary negotiations are not offers because they lack present contractual intent.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What happens in a Public Offer?

Communicated to an Identified Offeree

A

Memorize
In a public offer, identification of the offeree and acceptance occur at the same time after 1) someone knows of the offer 2) is motivated by it, and 3) accepts the offer by performing the requested act.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the Offer requirements under the UCC?

Containing Definite and Certain Terms

A

Memorize

Under the UCC, the offer need only state the subject matter and quantity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What terms do not need to be in included in an Offer under the UCC?
Containing Definite and Certain Terms

A

Memorize
A contract under the UCC, as long as there is contractual intent by the parties, need not contain terms including the 1) price 2) time and place of delivery, and 3) time of payment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the Offer Requirements under the Common Law?

Containing Definite and Certain Terms

A

Memorize
Under the common law, the offer must state the 1) quantity 2) time for performance 3) interested parties 4) price, and 5) subject matter.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the Offer Requirements for the Sale of Land under the Common Law?
Containing Definite and Certain Terms

A

Memorize
Under the common law, offers involving real estate require a description of the real property with adequate certainty to identify the land and price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Define Revocation
Termination of Offer by Offeror - Revocation
Termination of Offer - Offer

A

Memorize
A revocation occurs when the offeror communicates to the offeree that the offeror no longer wishes to be bound by the offer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Define Indirect Revocation
Termination of Offer by Offeror - Revocation
Termination of Offer - Offer

A

Memorize
If an offeree receives correct information, from a reliable source, that the offeror no longer wants to be bound by the offer, then the offer is revoked.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

How do you properly revoke a Public Offer?

Termination of Offer by Offeror

A

Memorize
Revocation of offers to the public may only be revoked by notification to the public by the same or better means in which the offer was communicated.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

List Irrevocable Offers

Termination of Offer by Offeror

A

Memorize
The general rule is that all offers are freely revocable unless one of the four exceptions apply:

  1. Option contract: An offer supported by consideration is irrevocable. If the option does not specify a time, then the option will remain open for a reasonable time.
  2. Merchant’s firm offer: A writing signed by a merchant which gives assurance that the offer will be held open is not revocable, for lack of consideration, during the time stated (or) if no time is stated, then for a reasonable time not to exceed 3 months.
  3. Detrimental reliance: If an offeree detrimentally relies on an offer, and that reliance is reasonable, foreseeable and substantial, then the offer must stay open for a reasonable time.
  4. Unilateral contract once performance has begun: An offer for a unilateral contract is not revocable once performance has begun.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Termination of Offer by Reasonable Time?
(Not Face-to-Face)
Termination of Offer

A

Memorize
An offer will terminate after a reasonable time based on market conditions, the nature of the subject matter, trade custom or usage, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Termination of Offer by Lapse of Time (Face-to-Face)?

Termination of Offer

A

Memorize
In face-to-face negotiations, unless there are words to the contrary, the offer will terminate when the parties have left each other’s presence.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Termination of Offer by Death or Incapacity?

Termination of Offer

A

Memorize
Death will terminate an offer at the time of death.

Incapacity will terminate an offer at the time the other party learns of the incapacity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Termination of Offer by Destruction of Subject Matter?

Termination of Offer

A

Memorize

Destruction of subject matter will terminate an offer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Termination of Offer by Supervening Illegality?
What is Supervening Illegality?
Termination of Offer

A

Memorize
If at the time of offer the subject and purpose is legal, but then subsequently becomes illegal, the offer will terminate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Define Rejection

Termination of Offer by Offeree

A

Memorize

A rejection occurs when the offeree communicates to the offeror that the offeree is not interested in the offer.

22
Q

Is a Comment on Price a rejection?

Termination of Offer by Offeree - Rejection

A

Memorize

A mere comment on price does not constitute a rejection.

23
Q

Does Rejection of an Option Contract terminate the offer?

Termination of Offer by Offeree - Rejection

A

Memorize
Under an option contract, if the offeree communicates to the offeror that the offeree is not
interested in the offer, the offer is not terminated.

24
Q

What does a Counter-Offer do?

Termination of Offer by Offeree - Rejection

A

Memorize

A counter-offer acts as a rejection.

25
Q

Does the UCC Apply?

Essay Formatting - UCC

A

Memorize

The UCC applies where the subject matter is goods. Goods are moveable, tangible property.

26
Q

Merchants?

Essay Formatting - UCC

A

Memorize
A merchant is one who deals in goods of the kind or by their occupation has some special skill or knowledge about these goods.

27
Q

What Law Governs?

Essay Formatting - Common Law

A

Memorize

Common law governs where the subject matter is services.

28
Q

Party v. Party

Essay Formatting - UCC/Common Law

A

Memorize
For Party to have any contractual rights, we will look to see if there is a valid enforceable contract between Party and Party.

29
Q

Define Valid Enforceable Contract

Essay Formatting - UCC/Common Law

A

Memorize

A valid enforceable contract consists of an offer, acceptance, consideration, and lack of formation defenses.

30
Q

Why are advertisements not considered offers?

A

Advertisements are generally not considered offers because they lack commitment on the part of the offeror.

31
Q

Are there any exceptions to an advertisement not being an offer?

A

Yes, if the item contains all material terms of the offer and identifies the offeree, such as “first-come-first-served” or “first five customers”, this is sufficient to take the advertisement out of the general rule and will constitute an offer.

32
Q

Other than statements like “first-come-first served”, is there any other situation where an advertisement may be considered an offer?

A

Yes, if the person solicits a price and receives a response that would not normally be an offer (catalogue, advertisement, etc.), this is sufficient to take the advertisement out of the general rule and will constitute an offer.

33
Q

Within revocation, is the general rule that all offers are freely revocable up to the time of acceptance?

A

Yes, the general rule is that all offers are freely revocable up to the time of acceptance.

34
Q

Within Indirect Revocation, are offers to third parties or rumors sufficient?

A

No, offers to third parties and rumors are not sufficient to indirectly revoke an offer.

35
Q

Once performance has begun, is a unilateral contract revocable?

A

No, a unilateral contract is not revocable once performance has begun.

36
Q

In a unilateral contract, once performance has begun, must the offeror allow the offeree a reasonable time to complete performance?

A

Yes, the offeror must allow the offer a reasonable time to complete performance once performance has begun.

37
Q

In a unilateral contract, is preparation for performance considered performance?

A

No, preparation for performance is not considered performance.

38
Q

Under an option contract, if no time is specified, how long must the option remain open for?

A

A reasonable time

39
Q

Under a merchant’s firm offer, if no time is specified, how long must the offer remain open for?

A

A reasonable time not to exceed three months.

40
Q

So, of all irrevocable offers, a merchant’s firm offer is the only irrevocable offer that specifies a time limit of three months?

A

Yes

41
Q

Within a merchant’s firm offer, after three months without acceptance, does the offer terminate?

A

No, the offer simply becomes revocable.

42
Q

Within detrimental reliance, how long must an offer detrimentally relied upon by an offeree remain open?

A

For a reasonable time

43
Q

Detrimental reliance must be what three things?

A

RFS - Reasonable, Foreseeable and Substantial.

44
Q

Within face-to-face termination of offer, unless there are words to the contrary, the offer will terminate when the parties have left each others presence. What about the telephone?

A

Yes, the ending of a telephone conversation or other means of “substantially instantaneous communication” is the same as two parties leaving each others presence.

45
Q

Can option contracts be terminated by death or incapacity?

A

No, option contracts cannot be terminated by death or incapacity.

46
Q

How may relief (if any) be sought under Supervening Illegality?

A

By quasi-contract or restitution.

47
Q

What is a quasi-contract?

A

A fictitious contract created by the courts.

48
Q

Under an option contract, does rejection terminate the offer?

A

No, a rejection cannot terminate an offer held open by consideration,.

49
Q

Is there any recourse for an offeror in an option contract when the offeree has rejected the offer and the offer cannot be revoked?

A

Yes, if the offeror detrimentally relies upon the rejection, the offeror may raise estoppel as a defense to enforcement.

50
Q

For terms that do not need to be in included in an Offer under the UCC, are there any special conditions with regard to price?

A

Yes, price is not required under the UCC as long as the price was not discussed during the offer. If price was discussed and could not be agreed upon, there is no contract until the price is agreed.

Contracts - Mid-Term Law School Review (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions