Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

10 Cards in this Set

  • Front
  • Back
When does a counter offer terminate the power of acceptance?
An offeree's power of acceptance is terminated by his making of a counter-offer, unless the offeror has manifested a contrary intention or unless the counter-offer manifests a contrary intention of the offeree. However, a mere inquiry regarding the possibility of different terms, a request for a better offer, or a comment upon the terms of the offer, is ordinarily not a counter-offer. Such responses to an offer may be too tentative or indefinate to be offers of any kind; or they may deal with new matters rather than a substitution of the original offer; or their language may manifest an intention to keep the original offer under consideration.
When may an offeror terminate the offer?
The general rule states that an offeror may at any time during eh life of any offer terminate its normal period of duration by revoking the offer. Revocation is a manifestation by the offeror of his intention to withdraw the offer, made prior to acceptance. The revocation takes effect only when communicated to the offeree. Here, ... Therefore, ...
What is the mailbox rule?
At Common Law, under the mail-box rule an offeree's acceptance is effective upon dispatch rather than when it is received or communicated to the offeror. However, the offeror has the power to revoke his offer (which becomes effective when communicated to the offeree) at any time prior to the offeree's acceptance. Consequently, the outcome depends upon a court's determination as to whether the revocation has been received by the offeree before the offeree entrusts the accpetance to the postman.
When does a memorandum satisfy the statutes of frauds?
In order to have a memorandum sufficient to satisfy the Statute of Frauds, the written memorandum must disclose: (a) the identity of the contracting parties; (b) identification of the subject matter of the contract and its terms and (c) the consideration.
When are additional terms included within a merchant's form not included within the contract?
In accordance with UCC Section 2-207 additional terms (contained in an acceptance which are different from those offered or agreed upon) do not become part of the contract if they materially alter the terms of the contract.
Under the UCC what is the measure of damages for non-delivery or repudiation by the seller?
According to UCC Section 2-713, the measure of damages for non-delivery or repudiation by the seller is the difference between the market price at the time when the buyer learned of the breach and the contract price together with incidental (and/or consequential) damages as provided under Section 2-715.
What is the consequence of a unilateral mistake?
As a general rule, in all unilateral mistake situations, if the non-mistaken party (i.e., the acceptor) is aware of the other party's mistake, he will not be permitted to "snap up" the bargain.
When is a modification to a contract enforceable?
A modification regarding the sale of goods of $500 or more comes within the Statute of Frauds and must be in writing to be enforceable. Note that under the UCC modifications do not require new consideration. At common law, however, a modification must be supported by new consideration since the parties are under a pre-existing duty to perform according to the terms of their original contract.
Contrast bilateral and unilateral Contracts.
A bilateral contract is a contract in which mutual promises are given as the agreed exchange for each other. In a bilateral or two-sided contract, each party promises a performance, so each party is both a promisor as to his own promise and a promisee as to the other's promise. On the other hand, a unilateral contract is a contract in which a promise is given in exchange for an actual performance by the other party.
What is the pre-existing duty rule?
Neither doing nor promising to do that which one is already leally bound to the promisor to do can furnish consideration for a promise. In such case, neither benefit to the promisor nor detriment to the promisee exists.