FORMATION OF A CONTRACT
An expression of readiness to do or give something if desired
What is an offer?
Traditional notions of law and the body of law developed in judicial decisions
What is common law
A contract of two promises; one from each party.
What is bilateral contract
A substitute for consideration in those cases in which someone acts in reliance on a promise that is not supported by consideration.
What is promissory estoppel
Person who makes the offer
What is offeror?
General summary of the common law of contracts
What is Restatement (Second) of Contracts
**Daily Double
A contract made up of a promise for performance
What is a unilateral contract
Requirement that a contract must be evidenced by a record to be enforceable
What is statute of frauds
** Daily Double
The offeror notifies the offeree that the offer is no longer good.
What is revocation
Set of uniform laws (states) governing commercial transactions
What is Uniform Commercial Code (UCC)
A written or verbally agreed-to contract
What is an express contract
The federal law that mandates the recognition of electronic signatures for the formation of contracts.
What is the Electronic Signatures in Global and National Commerce Act of 2000 (ESIGN), 15 U.S.C. § 7001,
The offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
What is counteroffer
Dodd-Frank Wall Street Reform and Consumer Protection Act (which created the Bureau of Consumer Financial Protec- tion), Credit Card Accountability, Responsibility and Disclosure Act of 2009 (CARD), Truth in Lending Act (TILA), and Equal Credit Opportunity Act (ECOA)
What is Federal Consumer Contract Laws
A contract that arises from parties’ voluntary conduct
What is an implied contract
**Daily Double
Prohibition on extrinsic evidence for fully inte- grated contracts
What is the parol evidence rule
The offeree’s positive response to the offeror’s proposed con- tract,
What is an acceptance
Governs contracts for the sale of goods and has been adopted in all states except Louisiana.
What is Article 2 of the UCC?
A theory for enforcing a contract even though there is no formal contract because the par- ties behaved as if there were a contract
What is a quasi contract
Provisions in international contracts allow the parties to agree on what will happen in the event of sudden changes in government or in the global political climate rather than rely on a court to deter- mine after the fact what rights, if any, the parties had.
What are force majeure clauses?