the beginning
A contract that is formed when one party offers to commit themself to some performance if and only if the other party first "accepts" the offer by actually rendering their performance.
What is a unilateral contract?
Concept that both parties entering into a contract are inducing each other to make mutual promises.
The promises/actions of one party are the reason the other party is entering into the contract and vice versa.
Extra 50 points if you can name what part of the mind map this concept falls under.
What is reciprocal inducement?
This statutory law governs all contract for the sale of goods.
What is the UCC?
If a document is intended to be a final document and features a "merger clause" can you introduce parol evidence?
Name liz's four celebrity crushes. Featuring one obscure one.
1) Andrew Garfield
2) Paul Mescal
3) Jeremy allen white
4) micheal b Jordan
A contract in which parties exchange promises of future performances.
Concept of giving up a legal right in exchange for a promise. The idea of giving something to get something.
When someone is unhappy with a product they bought online, we treat this individual's non-return of the product as acceptance of the merchant's terms as long as...
As long as the purchaser is notified that inaction constitutes as an acceptance of the terms.
Under the UCC, is there automatically an obligation to of good faith even though it is not explicitly stated?
Yes.
What is liz's favorite color?
Blue.
An objective manifestation of intent to be bound to the terms stated with no further action by the offeror.
Name the three requirements that make a preliminary agreement binding.
1) Terms are material terms
2) Parties intended document to be binding.
3) There is an agreement to negotiate further and finalize the contract.
If a person reasonably relied on a promise and are now worse off because of it, asserting this theory is the fall back, the last ditch effort after a claim of breach of contract.
Assertion of this theory stops a lack of consideration defense. Enforcement of this theory is meant to prevent injustice.
What is promissory estoppel?
A stand alone remedy in which a a fictional contract is created to enforce a fictional promise. This remedy is enforced by the court to avoid unjust enrichment.
What is restitution?
An event that must occur before a party's promised performance is due.
What is a condition?
In exchange for a promise not to revoke an offer an offeree gives an offeror something value, usually money.
Name the type of contract for 200 points. For another 200 points explain what happens if an offeree makes a statement of rejection before the time period they paid for is up.
What is an option contract?
If an offeree paid for an option contract and makes a statement of rejection they can change their mind. The offer remains on the table until the time frame the offeree paid for has passed.
Under the UCC 2-207 a seasonable and definite expression of acceptance or a written confirmation sent in a reasonable time frame operates as an acceptance even if the agreement states terms differing from those agreed upon UNLESS...
Hint: This functions as a counter offer instead.
UNLESS the oferee's acceptance is expressly made conditional on assent to the additional/different terms.
This legal theory is only enforceable when there is no consideration at the time of a promise. However, the promise results in reliance.
What is promissory estoppel?
This concept forbids the enforcement of certain types of contracts unless there is a written memorandum or an applicable exception
Any nonperformance of a contractual duty at the time of performance of that duty is due.
What is a breach?
After an offer is made there are five terminating events that could take place prior to acceptance.
Name all five terminating events and briefly describe them. 100 points per correct answer.
Rejection
Counter-Offer
Revocation (communication of revocation or definite action against offer, can occur anytime prior to acceptance)
Lapse (time frame for acceptance passed)
Incapacity/Death
When would a court find that an additional term materially altered a contract between merchants?
When the term would result in surprise or hardship if incorporated without express awareness from the other party.
Name two types of contracts that are governed by the statute of frauds.
Marriage, sale of land, contract not performed within one year, sale of goods over $500, personal rep. carrying out terms of a will, contract to duty of another (i.e. parent signing a lease).
Name the elements of restitution.
Hint: 4 elements
1) a benefit is conferred
2)appreciation/knowledge of the benefit
3) unjust enrichment
4) value of the benefit
What does the parol evidence rule do? When can you use it?
Parol evidence does not allow parties that reduced their agreement into a fully integrated writing to use extrinsic evidence.
You can use parol evidence when the writing is not fully integrated or when writing is ambiguous. However, you can not fight terms of contract.