Summary Stuff Flashcards
The UCC covers ?
Sale of Goods
Common Law covers
Contracts on other things besides Goods
An “Offer” is ?
The manifestation of willingness to enter into a bargain - which justifies another person in understanding that his assent can conclude the bargain.
– Something that creates the power of acceptance
“Acceptance” is ?
a manifestation of assent to the terms made by the offeree in a manner required by the offer.
Unilateral Contract is?
(One way) - One which involves an exchange of the offeror’s promise for the offeree’s act.
- the offeree merely has to act to complete the contract
Bi-Lateral Contract is?
Where both sides make promises
Offer made as a “joke” , what happens ?
If the offeree knew it was a joke then NOT a valid offer, even if accepted (Pepsi case - should reasonably have known)
What about advertisements as offers?
Not an Offer - merely a solicitation of an offer
BUT if Specific Terms (particular item, number of items, price, first come first served) / certain action in in response to consumer’s action
Reward Not known that there is a reward - can they accept by performance?
NO - must act knowing of reward
Other Unilateral Contracts - how are they accepted?
By FULL performance of the required action
Shipment of Non-Conforming Goods - is that an offer?
No - not if it’s an accommodation shipment /
seller could be making a counter- offer that the buyer can now accept or reject.
- If accepted then it is a new contract for the shipped goods NOT the original goods contract.
- it might be if immediately shipped , though
Consideration can be ..?
- Detriment - promisee gives up something of value (a legal detriment = act or forbearance)
- Exchange - promise given as part of a BARGAIN; (a return promise)
- - Promisor makes his promise in exchange for the promisee’s giving of value or circumscription of liberty
Are gifts as promises enough for a bargain ?
NO - a gift is just that and not enforcible
Conditions for a gift - are they enforceable contracts ?
NO - just a pre-condition to get the gift.
Ex: Come see me and i’ll give you something
Condition is of benefit to the promisor - is it enforceable as consideration for the promise ?
Yes - money for refraining from smoking, drinking and gambling - promisor attempted to gain something he considered valuable
