Rules

Question 1

Aside from termination, what are the four (4) ways an offeree’s power of acceptance can be terminated?

Answer 1

1. Rejection or counter-offer by the offeree
2. Lapse of time
3. Revocation by the offeror
4. Death or incapacity of the offeror or offeree

Question 2

What are the four (4) requirements necessary for a promissory estoppel claim to be justified by the plaintiff?

Answer 2

1. A clear and definite promise by the promisor
2. The promise must be made with the expectation that the promisee will rely thereon
3. the promisee must in fact justifiably rely on the promise
4. detriment of a definite and substantial nature must be incurred in reliance on the promise

Question 3

Promissory Estoppel is a substitute for the element of consideration when:

Answer 3

1. the promisor made a gratuitous promise
2. it was foreseeable the the promissee would rely on the promise, and
3. promissee’s reliance was detrimental.

Question 4

An offer may be freely revoked by the offeror UNLESS:

Answer 4

1. the offer was for a unilateral contract and the offeree has already begun performance,
2. the offer was a firm offer, in which case it terminates at the end of the time stated without the need for further action by any party, or
3. the offeree detrimentally relied on the offer

Question 5

Collateral Agreement Doctrine

Answer 5

Additional terms intended by the parties and included in a separate agreement may be enforced even though not included in the original contract if the terms:
1) do not contradict an express provision of the main contract, and
2) might naturally be part of a separate agreement

Question 6

Parol Evidence Rule under the UCC

Answer 6

Under the UCC, the court must specifically find that the parties intended the writing to be the final agreement before extrinsic evidence will be excluded. Additionally, the contract may be explained or supplemented by parol evidence as to course of performance, course of dealing, or usage of trade.

Question 7

Pecking Order for UCC Terms

Answer 7

1. Express Terms
2. Implied Terms
3. Course of Performance
4. Course of Dealing
5. Usage of Trade
6. Gap Fillers

Question 8

Three Part Rule for Infancy

Answer 8

1) A contract with a minor is valid of it is beneficial to the minor (such as for necessaries)
2) A contract with a minor is void if it is prejudicial to the minor, and
3) A contract with a minor that cannot be clearly determined to be beneficial or prejudicial, is voidable by the minor if the minor chooses to void the contract