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9 Cards in this Set

  • Front
  • Back
Res 17
Generally, you need 1) manifestation of mutual assent and 2) a consideration
Res 79
Once you have consideration, no need for looking at benefit/detriment, equivalence, or "mutuality of obligation"
Res 81
Consideration doesn't need to be what induces a party to make a promise; i.e., don't look at motive
Res 77
Illusory promise. Each possible alternative performance would have been consideration if it had been bargained for alone.

Compare UCC 2-306
UCC 2-306
Output, Requirements, and Exclusive Dealings. Output/requirements must be in good faith, but quantity also can't be unreasonably disproportionate to any stated estimate or normal output/requirement.

Exclusive dealing imposes on the seller an obligation to use best efforts to supply the goods and on the buyer to use best efforts to promote the sale.

Compare Res 77
Res 86
Promise for benefit received. 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.

A promise is not considered binding, though, if the benefit was a gift or for other reasons the promisor has not been unjustly enriched; or to the extent that its value is disproportionate to the benefit.
Res 87
Option contract.

(1) An offer is binding as an option contract if it (a) is in writing and signed, recites a purported consideration for making the offer, and proposes an exchange on fair terms within a reasonable time; or (b) is made irrevocable by statute.

(2) An offer which the offeror should reasonably expect to induce action or forbearance of a substantial character on the part of the offeree before acceptance and which does induce such action or forbearance is binding as an option contract to the extent necessary to avoid injustice.

Compare UCC 2-205
UCC 2-205
Firm offers. An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open is not revocable, for lack of consideration, during the time stated or else for a reasonable time, but irrevocability period will never exceed 3 months.

Compare Res 87
Res 90
Promissory estoppel.

A promise which the promisor should reasonably expect to induce action or forbearance on the part of the promisee or a third person and which does induce such action or forbearance is binding if injustice can be avoided only by enforcement of the promise.

Remedy granted may be limited as justice requires.