Offer
I will pay you $75,000 to give me a fist bump
What is the difference between unilateral and bilateral acceptance?
Unilateral= by performance
Bilateral= by return promise
What terminates power of acceptance?
(1) rejection by offeree
(2) counteroffer by offeree
(3) revocation by offeror
(4) lapse of time
(5) death or incapacity of offeror/offeree
Define option contract
An offer kept open for a stated period, supported by separate consideration
What are detriments to the promisee? (3 things)
(1) waiver of a legal right
(2) to act or to not do something
(3) creation, modification, or destruction of legal relationship
If party A knows (or has reason to know) that Party B has a different interpretation than Party A, whose interpretation prevails?
Party A is bound by Party Bs interpretation
"Yo, I like these terms of the offer and I want to accept it dawg. I want to change one term though. Is there a reason I can't do that tho bro?"
Mirror image rule
Before an offer is accepted, the offeror may end it at any time through words or actions, an act known by this term.
Revocation
What does the UCC merchant's firm offer rule require?
A signed writing by a merchant promising to keep an offer open. No consideration needed. Cannot be longer than 3 months
If you drive to my house, I'll give you concert tickets
Conditional gift
Explain the difference between a bluff and a joke
A bluff reflects serious intent but disbelief in acceptance and a joke lacks any objective intent to contract
What are the three exceptions to the mailbox rule?
(1) offeror may modify acceptance terms
(2) an acceptance under an option k is not effective until receipt
(3) the government is not bound by mail
If A accepts a k to buy Bs house and A gets into a car crash leading to them being in a coma, is A bound to the k?
A is bound to the k because A accepted before they were legally incapacitated
This doctrine prevents a party from revoking an offer once the offeree has begun performance in a unilateral k
option k created by part performance
What doctrine enforces promises without consideration when reliance is forseeable?
Promissory estoppel
A emails "Offer expires Friday"
B sends acceptance Friday at 11:59 pm
A reads it Monday
Is there a valid k?
Yes, valid upon dispatch, not receipt
Define mere inquiry
Request for info about original offers terms, does not reject it, leaving original offer open for acceptance
If an offeree says "no", walks away, or makes a counteroffer, this happens to their POA
Termination
Under the UCC merchant's firm offer rule, what is the maximum period of irrevocability if no time is stated?
Under UCC §2-306 (1), what distinguishes an output k from a requirements k?
In an output k, the seller agrees to sell all they produce, while in a requirements k, the buyer is obligated to purchase all they need from the seller
When can an agreement to agree be enforceable?
(1) that the parties manifest intent to enter into a bargain and
(2) enough certainty exists in the terms to determine a breach and a remedy
When can silence be acceptance?
(1) where the offeree indicated by words or conduct that silence is acceptance;
(2) in past dealings in which the parties operated so that silence was acceptance;
(3) where the oferee has exercised dominion over the consideration that was offered
What are exceptions to rejection by offeree
(1) offeree states that they are not presently going to accept but retains the right to reconsider
(2) offeror indicates offer remains open even if the offeree rejects the offer or makes a counteroffer
A promises to hold offer open because B spent money preparing
Promissory estoppel
"Yo, you mowed my lawn even though you were supposed to mow my neighbors lawn but I saw and didn't say anything. Now I have to pay you?"
Restitution