OFFER
An offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.
True or False?
True. RS 24
Can an offeror choose whether he wishes acceptance to be made by affirmative answer in words or by performing the specified act?
Yes. RS 30(1)
What is "indirect communication of revocation"?
An offeree's power of acceptance is terminated when the offeror takes definite action inconsistent w/an intention to enter into the proposed contract and the offeree acquires reliable information to that effect.
What is the first question to ask when evaluating any given fact pattern, and why?
Is this a sale of goods moveable at the time of contracting?
This determines whether UCC or RS provisions initially govern analysis.
Drunkenness and Jesting are valid excuses to contract formation.
True or False?
True. subject to testing from the "reasonable person" point of view
(a) objectively or
(b) subjectively
(a) Objectively.
RS24 "reasonable" person test
Where an offeror does not specify which method of acceptance she requires, common law assumes that explicit verbal assent is required.
True or False?
False. RS32
In case of doubt an offer is interpreted as inviting the offeree to accept either by promising to perform what the offer requests or by rendering the performance, as the offeree chooses.
How does the court judge "reasonableness" in regards to the lapse of time required to terminate the power of acceptance?
Factors in the entirety of the circumstances surrounding the offer and attempted acceptance.(RS41)
In a battle of forms between merchants, additional terms become part of the K except in which 3 situations?
offer gives an express limitation to the terms of the offer
the additional terms materially alter the deal
Notification of objection to the additional term is given w/in a reasonable time.
What are the two elements of "assent"
Offer and Acceptance
An advertisement is generally construed to be an offer.
True or false?
False.
RS26: Advertisements are not ordinarily intended or understood as offers to sell, even though some terms may be stated in some detail.
How is a unilateral offer accepted?
Performance is completed
What are the five methods of terminating the power of acceptance?
RS36:
Rejection or Counteroffer (RS39)
Lapse of reasonable time (RS41)
Revocation by the offeror (RS42)
Deather or incapacity (RS48)
Offeror acts inconsistently w/intent to contract (RS43)
My task as a contracts student is to be a zealous advocate for the fact pattern's most sympathetic party.
True or False
Describe the basic facts and holding of Owen v. Tunison.
Sale of Bradley Block and lot for $6k.
Ask whether would sell, answer of acceptance - no K because no offer.
A price quote is commonly understood as an offer.
True or False?
False.
A quote is commonly understood as inviting an offer rather than making one.
Where a bilateral offer may be accepted by performance, acceptance is marked at which point: beginning of performance or completion of performance?
Beginning of performance
RS62: the tender or beginning of the invited performance or a tender of a beginning of it is an acceptance by
Death or incapacity applies to terminate power of acceptance:
(a) for the offeree; (b) for the offeror; (c) for both; (d) for neither
(c) for both
RS48
The discipline of Contracts requires linear thinking or scattered considerations?
There is no good answer to this question.
Most would say that linear thinking is difficult for these types of questions, but you can be disciplined in the manner that you choose to issue spot.
Give a hypothetical offer and a hypothetical solicitation.
Offer: I will sell you the thing for $1
Solicitation: I will entertain offers to purchase for $1
If ads are generally not construed as offers, why was Lefkowitz's ad considered to be an offer?
The ad was sufficiently clear, FCFS term did not leave room to assume that the seller was subject to risk of oversubscription.
When is a sale for software is "accepted"?
Purchase or use?
Use (and no return)
UCC 2-206: Buyer accepts goods when, after an opportunity to inspect, he fails to make an effective rejection
An offeror's revocation is valid:
(a) when offeror actually makes revocation; (b) when offeror communicates revocation; (c) when offeree can be assumed to have receive notice; (d) when offeree actually receives notice
(d)
RS42
The current state of my contracts outline is:
(1) Poor; (2) Marginal; (3) Good
(Be honest! :))
Points for Good.
Good is better than poor, but there is definitely time to course correct if you are not as comfortable as you'd like to be.
Contractual duties are created by:
(a) natural law; (b) society's agreement on fundamental morality; (c) society's concerns for efficiency; (d) objectively noted offer and acceptance
offer and acceptance