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31 Cards in this Set
- Front
- Back
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§ 1 |
Contract, Promise or set of promises where law provides a remedy for breach, or where law recognizes a duty to perform.
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§2
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Promise, manifestation of intention to act. Promisor, person manifesting. Promisee, person to whom the manifestation is addressed.
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§4
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promise may be made orally or in writing, or by conduct.
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§17
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Requirement of a bargain, K formation requires mutual assent with consideration. Exceptions are §82-§94.
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§20
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Effect of misunderstanding, no mutual assent where parties understand differently and are or should be aware of misunderstanding.
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§22
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Offer and Acceptance manifest mutual assent.
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§24
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Offer, willingness to enter a bargain, where other parties assent is all that's needed.
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§26
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Willingness to enter into a bargain is not an offer but preliminary negotiations.
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§36
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Offeree power of acceptance terminated on rejection/counter, lapse of time, revocation, death.
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§39
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Counter-offer is a rejection.
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§40
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Mailed rejection or counter terminates power of acceptance when received.
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§43
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Power of acceptance is terminated when offeror takes action inconsistent with offer, known to offeree.
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§59
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acceptance with conditions is a rejection/counter.
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§63
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Mail-box rule.
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§69
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offeree can accept by taking possession or benefit from offer.
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§45
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Where invited to perform to accept, Part performance creates option K.
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§27
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where written K is contemplated, mutual assent can still be binding.
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§33
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terms of K must be reasonably certain for acceptance to be valid.
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§71
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Consideration for K may be in the form of, return promise, act, forbearance, legal relation.
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§73
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A legal duty already owed is not consideration.
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§77 |
A promise is illusory if promisor reserves a choice of alternative performances. |
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§90
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Promissory Estoppel. Clear Promise reasonably expected to induce action and does so. Justice only by enforcement.
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§87
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Option K is made binding if in writing, and has purported consideration.
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UCC 2-205
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Commercial option k, Written offer with assurance that it will be held open requires no consideration, becomes option K.
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UCC 2-207
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Additional terms require separate acceptance. except for merchants, where not material alteration, or not expressly rejected, or K is made conditional on them.
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UCC 2-204
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K can be made in any manner sufficient to show agreement, open terms will not invalidate if there is basis for appropriate remedy.
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§86
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Restitution, promise made in recognition of a benefit previously received is binding.
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§15
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Mental illness or defect.
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§83
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Promise to pay following bankruptcy is binding.
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§82
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Promise to pay following debt revocation is binding. |
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50
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forms of acceptance
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