Mutual Assent
A manifestation of willingness to enter into a bargain.
What is an offer?
(1) bargained for (mutual inducement); (2) legal detriment
What does consideration require?
Some contracts will only be enforced if there was a writing.
What is the Statute of Frauds?
The amount of money it would take to return the victim of the breach to the position the victim would have been in had the contract not been made.
What is Reliance Interest?
A contract that involves transactions relating to both goods and services.
What is a Hybrid Contract?
Rejection/counteroffer; lapse of time; revocation; death/incapacity
What terminates the power of acceptance?
The promissee agrees to do something or agrees to refrain from doing something.
What is legal detriment?
The parties enter an agreement where the seller agrees to provide as much of the product as a buyer requires.
What is a Requirements Contract?
Damages are not recoverable for loss that the injured party could have avoided without undue risk, burden, or humiliation.
What is Avoidability (Mitigation)?
No consideration is needed to modify contracts of this type. However, modification requires a egitimate commercial reason, reasonable commercial standards, or good faith.
What is Sale of Goods Contract (UCC)?
What one manifests or communicates to another person-- what a reasonable person would understand.
What is the objective standard of mutual assent?
Performance of an existing contractual duty cannot be consideration for a contract.
What is the Pre-Existing Duty Rule?
This doctrine prohibits the introduction into a court of law of any written or oral evidence that is extrinsic to a written contract.
What is the Parol Evidence Rule?
An injured party is entitled to equitable relief only when the remedy at law is inadequate.
What is Specific Performance?
A merchant's signed, written offer that, by its terms, assures that the offer will remain open. This offer is irrevocable for up to three months, despite lack of consideration.
What is Merchant's Firm Offer (UCC § 2-205)?
The acceptance became effective when mailed, whereas the revocation would be effective only upon receipt.
What is the Mailbox Rule?
This type of consideration does not constitute consideration and is not enforceable.
What is Nominal Consideration?
Courts may supply terms when contracts are silent on a particular issue
What is "Gap-Filling?"
If a party’s contractual duty to perform is discharged or does not arise, then that party is entitled to this cause of action for any benefit given to the other side as partial performance.
A term used to describe contractual disputes where different written instruments are exchanged by the parties in forming a contract under § 2-207(1) of the Uniform Commercial Code.
What is the Battle of the Forms?
A common-law contracts principle that treats an offeree’s acceptance as a counteroffer, rather than an acceptance, if the acceptance does not exactly mirror the terms of the offer.
What is the Mirror Image Rule?
This doctrine provides a cause of action for a breach of promise that is not supported by "bargained for" consideration.
what is Promissory Estoppel?
Evidence to describe negotiations after the contract is signed, to explain ambiguous or incomplete writings, to show a contract contingent on an event not stated in the writing, to show a writing contains a clerical error, and to establish that a contract is voidable due to incapacity, or reality of assent.
What are exceptions to the Parol Evidence Rule?
Also known as stipulated damages, an amount of damages expressly provided for by contract that is intended to represent the parties’ reasonable estimation of damages in the event of a breach.
What are Liquidated Damages?
”Goods” under UCC§2-105 are defined as:
Movable and tangible