Formation Basics
A contract is a legally enforceable...
What is a promise?
Article 2 governs contracts for the sale of this.
What are goods?
This rule makes acceptance effective upon dispatch.
What is the mailbox rule?
Consideration requires a __-__.
What is a bargained-for exchange?
These damages protect the benefit of the bargain.
What are expectation damages?
The objective theory says assent is based on this.
What are outward manifestations/observable conduct?
A signed merchant offer held open requires no consideration under this doctrine.
What is a firm offer (UCC §2-205)?
A reply with changes terms operates as this, killing the original offer.
What is a counteroffer?
Forbearance of legal rights was sufficient in this classic case.
What is Hamer v. Sidway?
These damages reimburse pre-performance or reliance-based losses.
What are reliance damages?
Ads are usually invitations to negotiate, except under this rule.
What is the Lefkowitz rule (clear definite, explicit)?
Between merchants, a confirming memo is binding unless objected to within how many days?
What is 10 days?
Starting performance in a unilateral contract creates this.
What is an option contract?
Past consideration fails unless saved by this doctrine.
What is the Moral Obligation Doctrine?
These damages compensate for indirect losses foreseeable at formation.
What are consequential damages?
This case establishes that subjective intent doesn't matter if outward acts show agreement.
What is Lucy v. Zehmer?
UCC §2-207 addresses this “battle.”
What is the battle of the forms?
This case confirms silence is almost never acceptance.
What is Pride v. Lewis?
Promissory estoppel requires reasonable reliance and this extra element.
What is enforcement necessary to avoid injustice?
This case limited damages to those foreseeable at contract formation.
What is Hadley v. Baxendale?
Name three primary sources of contract law.
What is: Common law, UCC Article 2, Restatement (Second)?
Name two requirements of the predominant purpose test.
What is: Language of contract; nature of business; intrinsic worth; primary objective.
Acceptance must match the offer exactly under this rule.
What is the mirror image rule?
A preexisting duty cannot serve as consideration unless this exception is met.
What is a modification that differs in a meaningful way?
Reliance based damages must subtract this.
What is benefit conferred/value received?