Question Pt 4 Flashcards
Silence as acceptance: Generally, silence or inaction cannot X as acceptance.
A. serve
B. Reserve
C. Service
D. Value
Serve
Generally, silence is no acceptance; Exceptions to this are if the offeree takes X, or indicates that silence will operate as acceptance.
A. the benefice of the offer
B. the benefit of the offer
C. the benefit of the acceptance
D. the benefice of the Request
The benefit of the offer
Only the offeree has power of acceptance: Only the offeree, as designated by the offeror, X accept the offer.
A. Will
B. May
C. Shall
D. Must
May
If I say to you, “I’ll sell you my car for a thousand dollars,” and another person present says, “It’s a deal,” this has no X.
A. Suspect
B. Effect
C. Suspicion
D. Reason
Effect
Rejection: When the offer is for the sale of a number of items, acceptance of one or more of them may function as a rejection of the offer to purchase X.
A. All the items
B. The rest of them
C. No item
D. Another part
The rest of them
Power of acceptance may be terminated in five ways: - Lapse of the offer: The offer may lapse after a stated time has passed, or after a X time.
A. Tea
B. Reasonable
C. Normal
D. Dog
Reasonable
Power of acceptance may be terminated in five ways: - Rejection: The offeree’s X to the offeror, rejecting the offer, terminates their power of acceptance, should they later change their mind.
A. Delivery
B. Opinion
C. Communication
D. Acceptance
Communication
Power of acceptance may be terminated in five ways: - Counteroffer: A counteroffer always includes a rejection of the original offer; A firm counteroffer may be distinguished from an exploration, in which the offeree wishes to explore the possibility of different terms but may still wish to accept the X offer.
A. True
B. Original
C. Great
D. Partial
Original
Power of acceptance may be terminated in five ways: - Revocation: The offeror is “master of the offer” and may freely revoke it until acceptance; The revocation is only effective once it has been communicated to the offeree; This communication may be indirect, as when the offeree reliably learns, perhaps from a X, that the offer is no longer open.
A. Second party
B. Third party
C. Absent
D. Other party
Third party
Power of acceptance may be terminated in five ways: - X or mental disability of either party: No contract may be formed if either party has lost the ability to form contractual intent before acceptance.
A. Decision
B. Death
C. Trill
D. Trip
Death
If both parties are merchants and there are different and contradictory terms, then they obviously cannot both become part of the contract; the “knockout rule” then applies: contradictory terms are X out and UCC gap fillers replace them with reasonable terms.
A. Filled
B. Knocked
C. Killed
D. Destroyed
Knocked
Consideration is that thing of value, given in exchange for a promise, that makes the promise X.
A. unenforceable
B. forceable
C. enforceable
D. Impossible
Enforceable
Not all promises are enforceable; The clearest case is a gift; If, out of the blue, your uncle promises to buy you a bicycle tomorrow, and you happily accept his offer, and then he changes his mind, you have only your own powers of persuasion to compel him to carry through; If however, your uncle promises to sell you his car for a thousand dollars, and you agree, and he changes his mind, you have the power of the law on your side, for any X you have incurred.
A. damage
B. dammages C. damages
C. damages
D. Rampages
Damage
Historically, any consideration would do; a promise to give away one’s kingdom was unenforceable - “A X, a X, my kingdom for a X!”(Richard III, Act 5, scene 4, line 13)
A. Cow
B. Horse
C. Rabbit
D. Frog
Horse
Historically, any consideration would do; a promise to give away one’s kingdom was unenforceable, but a promise to “trade one’s kingdom for a X,” was enforceable.
A. pepper
B. peppercorn
C. salt grain
D. dog
Peppercorn
Bargained-for exchange: Consideration is more likely to be judged to be valid if it was bargained for; Thus, a court may balk at enforcing my promise to sell my new Mercedes for one hundred dollars, but if they find that you offered to buy it for fifty dollars and I insisted you pay a hundred, the consideration will more likely be thought X.
A. Void
B. Stupid
C. Rapid
D. valid
Valid
Benefit to the promisor or X to the promisee: If I say, “I will give you my car,” I have made a promise; Standing alone, the promise appears to be an unenforceable gift; If I say, “I will give you my car in exchange for a thousand dollars,” we must examine whether the promise of the thousand dollars is valid consideration, and we may do so by judging whether it is a benefit to me, the promisor, or a X to you, the promisee. A. nutriment
B. ailment
C. aliment
D. detriment
Detriment
Sham consideration: “Sham consideration is no consideration” ; Parties to an agreement will often X to make a gift enforceable by “reciting” consideration, e.g. by writing into the contract, “in consideration of $1 paid,” or similar language; Courts will generally judge this to be “sham” consideration, which is no consideration at all.
Sham consideration: “Sham consideration is no consideration” ; Parties to an agreement will often X to make a gift enforceable by “reciting” consideration, e.g. by writing into the contract, “in consideration of $1 paid,” or similar language; Courts will generally judge this to be “sham” consideration, which is no consideration at all.
A. Temp
B. Tempest
C. Active
D. Attempt
Attempt
The existence of consideration is determined as of X the contract is made.
A. The place
B. The men
C. The horses
D. The time
The time
X duty: A party’s action which he was already legally obligated to take cannot be consideration.
A. Existing
B. Pre-living
C. Pre-modern
D. Pre-existing
Pre-existing
A modification of a contract generally requires X consideration, though it may be merely recited; Under the UCC, no consideration is needed for a modification of a contract for the sale of goods.
A. Modify
B. Change
C. Alleviate
D. Separate
Separate
An exception might exist if an unforeseen event would X the non- performance of the contract according to its original terms.
A. excuse
B. change
C. alleviate
D. separate
Excuse
When a party agrees not to assert a cause of action that they believe in X they have the right to assert, in exchange for some promise or act by the other person, this may be called a compromise, and it is valid consideration.
A. Solid faith
B. Faith
C. Bad faith
D. Good faith
Good faith
These are theories under which promises may be found to be enforceable, outside of traditional consideration theory. It is useful to think of X and promissory estoppel as growing out of traditional consideration doctrine.
A. Unjust enrichment
B. Just enrichment
C. Just enchantment
D. Equity enrichment
Unjust enrichment
Estoppel has its legal roots in X; when someone is “estopped,” he effectively loses the right to invoke a particular defense.
A. Equity
B. Law
C. code
D. Case law
Equity
Unjust enrichment’s link to consideration is through the “benefit to the promisor” concept; sometimes the basis of the unjust enrichment claim clearly is a benefit to the promisor, for example in a contract that is void or voidable, but unjust enrichment theory may also be applied X a promise.
A. Present
B. Out
C. Absent
D. Further
Absent
Unjust enrichment has two elements: X (or benefit); It is not enough for a benefit to be gained, it must be unjust for it to be kept, or no cause of action arises.
A. justice and enrichment
B. injustice and wealth
C. justice and assent
D. injustice and enrichment
Injustice and enrichment
The remedy for unjust enrichment is restitution; Restitution can also be a X when there is a contract that is breached, or an implied-in-fact contract.
A. Drug
B. Damage
C. Remedy
D. Ailment
Remedy
In the case of unjust enrichment, there is an implied-in-law contract or quasi-contract; The difference can affect the measure of damages. Damages for breach of an implied-in-fact contract may be based on the contract price, while damages in unjust enrichment would be based on the X conferred.
A. benefice
B. benefit
C. profit
D. gain
Benefit
The material benefit rule, however, allows X consideration to make a subsequent promise enforceable, so long as there is found to be a X to fulfill the promise; There is still technically no consideration. There are three elements: The promisor received a benefit from the promisee before the promise was made; The benefit unjustly enriched the promisor; The promisor subsequently made a promise to pay for the benefit.
A. virtual obligation
B. past moral obligation
C. moral obligation
D. true obligation
Past moral obligation
