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25 Cards in this Set
- Front
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Restatement § 1 Definition of Contract |
A promise or set of promises The breach of which results in a remedy at law And the performance of which the law recognizes somehow as a duty |
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Restatement § 23 Rewards |
-General offers or rewards are commonly interpreted as intended to induce action by people who know of the reward -A person who acts without such knowledge is then not within the terms of the offer, even though he intends to accept any offer which may be outstanding and thus does not act gratuitously |
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Restatement § 24 Offer (Definition) |
-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 |
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Restatement § 24 Offer (Factors) |
-communication by offeror -creating reasonable expectation in offeree -that offeror is willing to enter into contract -on specified terms -such that offeree need only accept in order to form a contract |
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Doubt Regarding 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 |
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Restatement § 39 Counter Offers |
-made by offeree relating to original offer but proposing a different bargain -offeree's power of acceptance is terminated by his making of a counter offer, unless offeror manifested a contrary intention |
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Restatement § 41 Lapse of Offer |
although offeror can set any time limit, in the absence of a time limit, the offer expires at the end of a reasonable time |
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Restatement § 42 Revocation |
an offeree's power of acceptance is terminated when the offeree receives from the offeror a manifestation of an intention not to enter into the proposed contract |
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Restatement § 45 Option Contract Created by Part Performance |
-offeree tenders or begins the invited performance -if they start you must give a chance to finish -offeror's duty of performance under an option contract is conditional on completion or tender or the invited performance |
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Restatement § 51 Effect of Performance Without Knowledge of Offer |
-offeree who learns of offer after he has rendered partial performance may accept offer by contemplating requested performance and continuing -you were induced to finish the performance |
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Restatement § 54 Acceptance by Performance Necessity of Notification to Offeror |
offeree can accept by rendering performance without notification, unless formal notification is requested -must exercise reasonable diligence in notifying offeror |
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Restatement § 56 Acceptance by Promise Necessity of Notification to Offeror |
-Where there is an acceptance by promise, it is essential that the offeree notify the offeror or that the offeror receive the acceptance seasonably -When it’s a promise contract, notice is required -Person offers to buy your house, and you promise that when you're ready to sell, you wont sell to anyone else 2 |
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Restatement § 59 Conditional Acceptance |
Areply to an offer which purports to accept it but is conditional on theofferor's assent to terms additional or different from those offered is not anacceptance but rather a counter offer |
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Restatement § 61 Acceptance Which Requests Change of Terms |
-Basically a counter offer - Acceptance with change or addition to terms of the offer is not invalidated unless the acceptance is made to depend on an assent to the changed or added terms |
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Restatement § 62 Effect of Performance by Offeree Where Offer Invited Either Performance or Promise |
-When an offeree can accept by performance or promise, the tender or beginning of the invited performance or a tender of a beginning of it is an acceptance by performance -Allied Steel v. Ford: you can either promise to do the job, or start performance of the job, whichever one happens first, and that makes it a contract |
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Restatement § 63 Time When Acceptance Takes Place |
-An acceptance completes the manifestation of mutual assent as soon as put out of the offeree's possession, -but Basically Mailbox Rule -An acceptance under an option contract is not operative until received by the offeror - You must finish the job before its deemed accepted |
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Restatement § 69 Acceptance by Silence |
-When an offeree fails to reply to an offer, his silence operates as acceptance when there is reason to understand that assent may be manifested by silence or inaction, and the offeree by doing so intends to accept the offer (OR) Because of previous dealings it is reasonable that the offeree should notify the offeror if he does not intend to accept |
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Restatement § 71 Requirement of Exchange Types of Exchange |
To constitute consideration, a performance or a return promise must be bargained for - Bargained for exchange |
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Restatement § 81 Consideration as Motive or Inducing Cause |
Even if you weren't induced, pretend that you were induced - The guy went fishing without the purpose of catching the prized fish, and caught it, still was awarded the prize money |
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Restatement § 82 Promise to Pay Indebtedness |
If you have a debt existing from a previous contract, you still have to pay it even if the statute of limitations has runA82AA5E3E4} |
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Restatement § 83 Promise to Pay Indebtedness Discharged in Bankruptcy |
A promise to pay all or part of an indebtedness of the promisor, discharged in bankruptcy proceedings begun before the promise is made, is binding |
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Restatement § 85 Promise to Perform a Voidable Duty |
Wehave a contract, I had the chance to back out but I didn’t, the contract isstill enforceable |
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Restatement § 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 -Cotnam v. Wisdom: doctor helps hurt man, unable to accept for treatment but would have if he could and thus should pay for services -Quasi-contract |
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Restatement § 87-2 Option Contract |
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 to avoid injustice |
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Restatement § 90 Promise Reasonably Inducing Action or Forbearance |
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 |
