• 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
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/10

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

10 Cards in this Set

  • Front
  • Back
R2d Section 71
(1)To constitute consideration, a performance or a return promise must be bargained for.

(2) A performance or return promis is bargained for if it is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise.
Quantum meruit
recovery for what is deserved
R2d § 89 Modification of Executory Contract
A promise modifying a duty under a contract no fully performed on either side is binding
(a) if the modification is fair and equitable in view of circumstances not anticipated by the parties when the contract was made
R2d § 86 Promise for Benefit Received
1. A promise made in recognition of a benefit previously received by the promisor from
the promisee is binding to the extent necessary to prevent injustice
2. A promise is not binding under subsection (1)
a. If the promisee conferred the benefit as a gift of for other reasons the promisor has not been unjustly enriched; or
b. To the extend that it’s value is disproportionate to the benefit
Essential Elements of Estoppel
1. A promise
2. Reasonable Expectation of Reliance 3. Actual Reliance
4. Necessity to Prevent Injustice
R2d § 24
An offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.
R2d § 50(1) Acceptance of Offer Defined.
Acceptance of an offer is a manifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer.
R2d § 30 Form of Acceptance Invited
(1) An offer may invite or require acceptance to be made by an affirmative answer in
words, or by performing or refraining from performing specified act, or may
empower the offeree to make a selection of terms in his acceptance
(2) Unless otherwise indicated by the language or the circumstance, an offer invites acceptance in any manner and by any medium reasonable in the circumstances.
R2d § 32 Invitation of Promise or Performance.
In case of doubt an offer is interpreted as inviting the offeree to accept either by promising to perform what the offer requests or by rendering the performance, as the offeree chooses.
COMMON LAW TERMINATION
The basic rules for termination of offers are:
(1) The offeree may reject the offer of make a counter offer (which operates as a
rejection); or
(2) The offer may terminate by its own terms, e.g., by lapse of time; or
(3) The offeror may revoke the offer; or
(4) The offeror or the offeree may die or be adjudged incompetent.