Promise and Assent & Offer and Acceptance

Question 1

UCC

Answer 1

sale of goods

sale –> passage of title from seller to buyer for a price

goods –> movable tangible property

Question 2

R2K

Answer 2

anything else

Question 3

contract

Answer 3

promise or set of promises for the breach of which the law provides a remedy, or the performance of which the law in some way recognizes a duty

Question 4

contract equation

Answer 4

MOMA (offer+acceptance) + consideration = contract

Question 5

promise

Answer 5

manifestation of intent to act to ac or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made

look for OBJECTIVE signs of commitment

watch out for illusory promises

Question 6

objective standard

Answer 6

would a reasonable person understand these words (oral or written) or conduct, in light of the circumstances, to constitute a commitment

Question 7

jokes

Answer 7

a party may not be serious in his offer, but if the other person takes it seriously, he may be bound by the contract

Question 8

peerless

Answer 8

if both parties misunderstand a key term, and the parties don’t know of each other’s interpretation of that term, a court may conclude that there is no contract at all

Question 9

material/key terms - QTPPPS

Answer 9

quantity
time
place
price
parties
subject matter

Question 10

issues with contract

Answer 10

uncertain commitment
vague or missing terms

Question 11

offer

Answer 11

manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain will be invited and will conclude it

Question 12

advertisements

Answer 12

not generally an offer (no manifestation of intent to commit)

could be if clear, definite, explicit

bids could be offers

Question 13

public promise of a reward

Answer 13

offer is intended to induce the offeree to perform a specific act

consider:
- specificity of terms
- context in which offer is made
- manner of acceptance

Question 14

what comes after offer?

Answer 14

termination
- lapse of time
- death/incapacity
- revocation

acceptance
- outright
- with proposal or inquiry
- grumbling
- silence (sometimes)

rejection
- outright
- counteroffer

Question 15

revocation

Answer 15

cannot be done after acceptance

Question 16

counteroffers

Answer 16

usually a rejection because not the original terms

sometimes not a rejection, ex. making a suggestion

Question 17

mailbox rule

Answer 17

acceptance usually effective upon dispatch

rejection and revocation effective upon receipt

exceptions:
- rejection sent first
- option contract - effective upon receipt

Question 18

bilateral contract

Answer 18

formed by a mutual exchange of promises. if silent and offeree begins performing –> bilateral

if performance is simply delivery, formation is a unilateral K

Question 19

unilateral contract

Answer 19

only one party is promising anything, and all they want is an act. full acceptance is not rendered until performance is completed in full

Question 20

option contract

Answer 20

when offeree starts performance in response to an offer for a unilateral contract

offer becomes irrevocable for a period of time or until offeree quits

Question 21

gap fillers

Answer 21

price –> reasonable at time or delivery UNLESS a party intended to contract on an agreed upon price

place –> seller’s POB unless otherwise agreed

time –> for shipment of delivery, reasonable time

payment –> due at time and place that buyers receive goods, unless otherwise agreed