Parties are clear; Intent to be bound; Subject matter is clear; Value to be exchanged (promise); and Critical terms (fact-specific)
100
Before an offer can be accepted, other events may happen. 4 Events we learned this semester. Name them. (Hint: D, L, R, R)
Death, Lapse of time, Revocation, Rejection
100
What's the main words you want to put in your essay regarding consideration??
____________ ____
Bargained for.
100
Limits to Freedom of Contracts. Can you name them all?
Hint (C, D, U, U, M, M, I, A, U)
Contractural Capacity, Duress, Unfairness, Undue Influence, Misrepresentattion, Mistake, Illegal Activity, Against Public Policy, Unconscionability
100
Name the 5 elements of Reliance.
Short hand: Promise, Reasonably expect action? Promisee do? Other reasonable promisees do? Prevent injustice
200
What was the main concept/rule of out Lucy v. Zehmer?
Court uses a reasonable person test. An objective approach, not subjective.
200
3 Exceptions to where an offer can NOT be revoked. Name the exceptions.
Option Contract, Firm Offer Rule (UCC), Unilateral K
200
Must the values be equal?
No
200
Explain Alaska Packers case. What limit to freedom of contracts does this case explain?
Duress. Shipmen went out to sea, demanded more money for no more work.
200
When does the Statute of Frauds apply (that we learned)?
Transfer of real estate, not a lease unless more than 1 year; Agreement that extends more than 1 year; Sale of goods for $500 or more; Surety Agreement.
300
What are the different ways to look for communications in an potential agreement? (Name the types of communications)
Face to face, Letters, Phone, Advertisements, Quotations,
300
Under Common law, acceptance must comply with the _________ _________ _________. Explain this concept.
Mirror Image Rule. Manner invited by offeror must match how offeree accepts the offer.
300
Explain Hammer v. Sidway and why it had consideration.
Uncle/Nephew - promise to give up lifestyle in exchange for money. Nephew suffered detriment, giving up lifestyle. (Bargained for detriment)
300
What is the main concept Leacock stressed in Undue Influence?
The disparity in power of the relationship
300
Name the 6 elements of Restitution.
Shorthand: Benefit gained; transfer of benefit; benefit measurable; enrichment proof; unjust enrichment; has no superior remedy.
400
Advertisements are generally NOT offers, except in which case we learned this semester. Tell us about case.
Lefowitz case - first come first serve
400
Most communications are legally effective when received. What's the exception? ________ _______.
Mailbox Rule
400
Explain Past Consideration
Act has already happened, so cannot bargain for. No consideration here.
400
What is Caveat Emptor? What hypo/case does this reflect?
Buyer beware; Hypo - Skylight had water stains, up to buyer to fully inspect. Seller had no duty to tell, b/c was not purposefully hiding anything.
400
Explain Part Peformance doctrine & case. (Name 3 elements)
Continued permitted possession of property; appropriate improvements and partial payments. Case is Richards v. Richards
500
Explain the Rewards concept. Are they considered offers or an invitation to an offer?
Generally, not offers, unless definite??
500
Most acceptances require providing notice to the offeror. Why was Evertite v. Green an exception to this rule. Explain why this case was differetn.
When performance is a method of acceptance, and the offeror does NOT require notice, then starting performance is sufficient, as was in Evertite (loading the trucks).
500
Explain Pre-Existing Legal Duty Rule
Doing something that you're already legally obligated to do. Therefore, no new consideration.
500
What is Exculpatory clause & name the case this refers to?
Person trying to contract away liability for her tort. O'Callaghan v. Waller
500
Explain the last shot rule. Because, I don't know it. Thank you!!