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What are the elements of a contract?
If any of the elements have elements within what are they?
1. Offer
SPEPI
2. Acceptance
3. Consideration
- value for value/ bargaini
What are the ways an offer can be terminated?
1. Lapse of time
2. Death or Incapacity
3. Revocation of an offer
4. Rejection/Counteroffer
What are the three types of bargaining?
What is the mailbox and mirror image rule?
Mirror Image Rule: An acceptance had to match the offer exactly.
You know what the mailbox rule is. n
What is promissory estoppel and detrimental reliance?
Promissory estoppel is a legal doctrine that enforces a promise, even without a contract, when someone reasonably relies on that promise to their detriment.
Detrimental reliance is the harm that the promisee must suffer for promissory estoppel to apply.
What is past consideration?
A promise made in response to something already received cannot serve as consideration because it violates this doctrine.
What is substantial performance?
A minor failure to perform that does not defeat the contract’s main purpose is called this.
What is anticipatory repudiation?
When one party makes clear in advance they will not perform
What is the difference between duress and undue influence?
Duress involves obtaining a party’s agreement through wrongful threats or coercion, leaving them with no reasonable alternative. Undue influence involves excessive persuasion that exploits a relationship of trust or vulnerability, thereby overcoming the person’s free will without resorting to threats.
What are consequential damages?
Damages that compensate for losses both parties knew were possible at the time of the contract.
What are compensatory and liquidated damages?
Compensatory: Money awarded to compensate for actual losses is known as these damages.
Liquidated: A clause setting damages in advance is enforceable only if it is reasonable and is known as this.
What must be in writing according to SOF?
Marital
Year
Land
Executor's Promise
Goods over $500
Suretyship
What is the difference between a material breach, a non-material breach, a total breach, and a partial breach?
A material breach is a serious violation of a contract—one that goes to the heart of the agreement and significantly harms the non-breaching party.
A non-material breach is a less serious violation that does not undermine the core purpose of the contract.
A total breach is a serious failure to perform that defeats the essential purpose of the contract and allows the nonbreaching party to terminate and seek full damages.
A partial breach is a minor or less serious failure that does not justify termination but may allow the nonbreaching party to recover damages.
What is an option and quasi-contract?
An offeree’s power of acceptance may terminate if the offeror dies, unless this type of option exists.
This restitution-based remedy prevents unjust enrichment when no valid contract exists.
What are the types of damages? Explain.
1. Punitive: not recoverable for a breach unless a tort is invovled
2. Equitable remedies:
- Specific performance/injunction
- Must prove $$ is not enough
3. Liquidated
- When damages are too hard to calculate
- if one party benefits more than the other
- if theres a stipulated amount stated to be paid if there's a breach
What is a condition precedent?
This type of condition must occur before a party’s performance is due.
What is the two-prong test for loss?
Loss is foreseeable if:
1) arise naturally from the breach in the ordinary course of events, or (2) were within the reasonable contemplation of both parties at the time the contract was formed
What is the difference between a unilateral and a bilateral contract?
A unilateral contract is formed when one party makes a promise that can be accepted only by performance, while a bilateral contract is formed when both parties exchange mutual promises that bind them immediately.
What is the difference between an incidental and an intended third-party beneficiary?
An intended third-party beneficiary is someone the parties meant to benefit and who therefore has the legal right to enforce the contract. An incidental beneficiary benefits only by chance, not by the parties’ intent, and cannot enforce the contract.
What is restitution?
Restitution is a legal remedy that requires a party to return a benefit they unfairly received, in order to prevent unjust enrichment.
What is a counteroffer? Which allows for a counter offer, the UCC or common law?
A purported acceptance that alters the terms of the offer is considered this at common law.
What is the battle of the forms, and what section of the UCC is it?
Under the UCC, additional terms in an acceptance between merchants may become part of the contract under this rule.
UCC §2-207
What are the types of incapacity?
1. Minor/Infancy
2. Mental Incapacity
3. Intoxication
4. Guardianship
What is forbearance?
A party’s promise not to do something they are legally allowed to do is known as this type of consideration.
What is the difference between mutual/dependent, mutual/independent, and mutual/simultaneous?
1. Mutual/Dependent (Similar to a Condition Precedent):
This arrangement would likely refer to promises that are conditional upon each other, meaning the obligation to perform one promise (or the right to demand performance) is dependent on the completion of the other promise.
2. Mutual/Independent (Similar to Covenants or Non-Conditional Promises):
This arrangement would likely refer to promises or covenants where each party is obligated to perform its duty regardless of whether the other party has performed or is ready to perform.
3. Mutual/Simultaneous (Similar to Concurrent Conditions or Exchange of Performances):
This arrangement would likely describe promises where performance by both parties is due at the same time. Neither party is obligated to perform unless the other party is ready and willing to perform concurrently.