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8 Cards in this Set

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termination of offer: options
by statute, if offer is in writing, signed by the offeror and states that offer is irrevocable, then the offer is not revocable during the time stated or for a reasonable time, even if the offer is not supported by consideration
termination of offer: part performance - true unilateral contract offers
offer can be revoked until performance is completed
consideration: "past" or "moral" consideration
past consideration is binding if:
(1) the promise is in writing;
(2) the past consideration is expressly stated
(3) the consideration can be proven; AND
(4) the writing is signed by the promisor
consideration: legal benefit/detriment
consideration is either a detriment to the promisee or a benifit to the promisor
defenses to formation: mutual mistake
contract is void
defenses to enforcement: statute of frauds - agreements covered
the following contracts are also within the statute:
(3) contracts to pay commission or finder's fee, unless attorney, auctioneer or lincensed real estate broker is involved
(4) "equal dignities rule" - in agent/principal relationship, if dealing with "interest in land," agent must be authorized in writing or principal must ratify
assignment of rights & delegation of duties: assignment not for consideration
a gratuitous assignment is irrevocable if in writing and signed by the assignor
discharge of duty: partial discharge by modification of contract
no consideration is needed if the modification is in writing and signed by the party to be charged, or by his agent