rules from ppt

Question 1

implied in fact contract

Answer 1

A contract between two parties may be implied-in-fact when the
intent to enter a contract is not manifested by direct or explicit words
but instead is determined by implication from the conduct of the
parties, the language used, or other surrounding circumstances.
* An implied-in-fact contract requires mutual assent and consideration,
like other contracts, and has the same legal effect as an express
contract.
* Implied-in-fact contracts often arise where one accepts a benefit from
another for which compensation is customarily expected.

Question 2

offer

Answer 2

An offer is the manifestation of willingness to enter into a bargain, so made as
to justify the offeree in understanding that her assent to the bargain is invited
and, if given, would conclude it

Question 3

Reward offers

Answer 3

An action taken by the promisee must be in response to the promise.
This means that in the case of an offer of a reward, the “finder” must
know of the reward offer in order for there to be a bargained-for
exchange. If the finder does not know of the promise of a reward, the
finder’s action was not given in exchange for the promise and thus there
is no consideration for the promise of a reward.
It is essential to a bargain that each party manifest assent with
reference to the manifestation of the offer. It is ordinarily essential to the
acceptance of the offer that the offeree knows of the proposal. A person
who acts without such knowledge is not within the terms of the offer and
thus, has no power to accept.

Question 4

for the no notice requirement of performance acceptance

Answer 4

Where the beginning of a requested performance is a
reasonable mode of acceptance an offeror who is not
notified of acceptance within a reasonable time may treat
the offer as having lapsed before acceptance.

Question 5

irrevocable

Answer 5

FORP
1. F irm offer
2. O ption contract
3. R eliance
4. P erformance only

Question 5

Negotiating

Answer 5

Negotiating before accepting the option does not necessarily
repudiate the offer. Negotiating before accepting an option is possible
without terminating the option

Question 5

irevoke for performance only

Answer 5

irrevocable when beginning performance

Question 6

firm offer

Answer 6

1. there must be an offer
2. signed writing by a merchant
3. not revokable for 3 months

Question 7

Indefinite Agreements and Gaps

Answer 7

A contract must have sufficiently definite terms so that a court
can determine what the parties intended and fix damages in the
event of breach. What are essential terms to a contract?
the parties,
the subject matter of the contract,
the time for performance, and
the price to be paid

Question 8

Unjust Enrichment

Answer 8

Can only recover restitution, can only be what the value of that benefit was
1. The plaintiff conferred a measurable benefit to the defendant:
2. Plaintiff did it with the intent that they would be paid
3. The defendant would be unjustly enriched if they kept it without paying
(a) The defendant knew/had reason to know plaintiffs expectation
(b) Emergency situations: Or the plaintiff had a reasonable excuse for conferring the benefit without the defendants knowledge

Question 9

quasi-contract

Answer 9

*an obligation imposed by law to prevent unjust enrichment, even though no actual contract exists between the parties.
*1. Benefit conferred on one party by another.
2. Knowledge of the benefit by the receiving party.
3. Acceptance or retention of the benefit under circumstances where it would be unjust to allow retention without compensation.

Question 10

writing requirement for statute of frauds

Answer 10

PEST(e)

1. Identifies the parties to the contract.
2. Shows that those parties entered into a contract.
3. Sets forth the subject matter of the contract.
4. States the essential terms of the contract

Question 11

exceptions to statute of frauds

Answer 11

Part performance of the oral agreement may provide the performing party
with a basis for recovery