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15 Cards in this Set

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What does the common law of contracts apply to?
Services, sale of real property and tangible real property
Are advertisements offers?
Advertisements are generally not offers, they are invitations to deal (exception) unless states all material terms and states offeree intended
What are the seven essential terms of an offer, at common law?
Ducks Say Quack Quack When People Pass
1. Duration
2. Subject Matter
3. Quantity
4. Quality
5. Work to be done
6. Price
7. Payment
Ducks Say Quack Quack When People Pass
What is the essential term of an offer under UCC?
Quantity

Parties must manifest their intent to be bound and reasonably certain basis on which to apply a remedy.
What offers are not freely terminated under UCC?
1. Merchant Firm Offer
2. Option Contract
3. Unilateral Contract
What are the terms of a merchant firm offer?
Where a merchant makes a signed offer in writing that states it will be held open for:
-as long as states or reasonable time not to exceed 3 months.
(exception) if consideration is paid to the offeror
How is a unilateral contract accepted?
Through performance; only the offeree is bound to perform.
What are the six ways an offer can be terminated (except through acceptance)?
RED DIRT (on my trailer)

1. Revocation
2. Destruction of subject
3. Death and insanity
4. Intervening illegality
5. Rejection/counter-offer
6. Time lapse
matter.
RED DIRT
What is the mirror image rule under common law?
The rule that a valid acceptance can't vary the terms of the offer.

UCC is more accomadating, depends on if it changes material terms.
What constitutes receipt of revocation?
Offeree is deemed to have received the revocation when it comes into his own possession, the possession of someone authorized to receive it for him or when it is put in his mailbox.
Must the offeror expressly revoke his offer to offeree in order for revocation to be valid?
No, any act inconsistent with the offer is sufficient to revoke as long as offeree know about it.
Implied revocation - offeror performs an act inconsistent or prevents performance of K.
What is an option?
Offer made irrevocable by consideration (example) offeree pays offeror to keep an offer open for some period of time.

Does not terminate upon death or insanity of either party.

Remember Merchant firm offer- no consideration is needed.
What are the three means of acceptance under UCC?
According to UCC 2-606 buyer can:
1. Manifest that goods conform or are acceptable in spite of non-conformance - after inspection.
2. Fail to reject within a reasonable time frame after inspection
3. Act inconsistently with seller's ownership.
What is supervening illegality?
If a contract, which would have been legal at the time the offeror proposed it, becomes illegal through a new statute, the power of acceptance is terminated.
When are offers recocable?
Offers are revocable at the will of the offeror (exceptions) are option contract, firm offers under UCC and temporary irrevocability as the result of offeree's part performance or detrimental reliance.