Defining Contracts
A promise or a set of promises that the law will enforce.
What is a contract
The objective standard courts use to determine if a real offer was made
What is the "reasonable person" standard?
The two ways an offer can be accepted
What are by performance or by promise?
A bargained-for exchange of something that has legal value.
What is consideration
This is a substitute for consideration used to enforce promises that would otherwise be unenforceable.
What is promissory estoppel?
This type of contract is a promise for an act.
What is a unilateral contract?
This is a "yes-able proposition" that must be communicated, demonstrate a commitment, and be definite in its terms.
What is an offer?
This rule states that if mail is the proper method of acceptance, acceptance occurs as soon as the response is dropped in the mail.
What is the Mailbox Rule?
This concept refers to the quantity of the value exchanged, which courts normally do not investigate.
What is adequacy?
The four ways an offeree’s power of acceptance can be terminated.
What are revocation, lapse of time, rejection/counter offer, and death or incapacity?
This legal framework applies to contracts involving the sale of goods.
What is the UCC (Uniform Commercial Code)?
This case established that an offer is an objective standard and internal feelings don't matter.
What is Lucy v. Zehmer?
This case illustrates that an offeror is the "master of the offer" and can prescribe conditions for acceptance, such as a signature.
What is Beard v. Krusa?
This case established that forbearing a legal right, such as smoking or drinking, is considered valid consideration.
What is Hamer v. Sidway?
This is a firm offer by a merchant in a signed writing that gives assurance that it will be held open. 
What is an option contract?
An individual with knowledge or specific skills related to the goods being discussed or traded.
Who is a merchant?
This case is the general rule that advertisements are not offers.
What is Lefkowitz v. Minneapolis
This is a manifestation of assent that must be responsive to the offer, absolute, and communicated to the offeror.
What is acceptance?
This rule states that a promise to pay someone for a task they are already under contract to do is without consideration
.What is the pre-existing duty rule?
This UCC rule states that when two parties send conflicting forms, the terms of their contract are only the ones they both agreed on
What is the "Battle of the Forms" (UCC 2-207, subsection 3)?
The three essential elements needed for a contract to exist.
What are offer, acceptance, and consideration?
An example of an implied-in-fact contract where circumstances and conduct infer an unspoken agreement.
What is Stepp v. Freeman?
This case, along with the Restatement of Contracts, establishes that silence can be seen as acceptance if the offeree takes the benefit of services with a reasonable opportunity to reject them
What is Day v. Caton
This case established that moral obligation is not valid consideration unless the promisor receives a material benefit from the promisee
What is Webb v. McGowin?
This case demonstrated that if a contract is mainly for services, the UCC does not apply, and the "Mirror Image Rule" is used instead
What is Princess Cruise Lines v. GE?