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19 Cards in this Set
- Front
- Back
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What is the Mirror Image Rule?
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Under CL effective acceptance had to be a mirror image of the offer.
If an additional term was made then then it was a counter offer. |
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What is a promise?
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A manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding a promise has been made.
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How may a promise be stated?
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1. Orally
2. Written 3. Conduct |
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What is a bilateral K?
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A promise in exchange for a promise.
-B will give C $100 for C's car |
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What is a Unilateral K?
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A promise in exchange for a sought performance.
- B will give C $100 for swimming across Galveston Bay. |
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20 Bishops rule
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Even if 20 Bishops swore B intended to build a duplex for C, and B enters into an agreement with C to build a triplex, the agreement is binding.
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What is an Offer?
And where is it defined? |
A manifestation of a willingness to enter into a bargain so made as to justify another person in understanding a promise has been made.
Res. 2d Sec. 24 |
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What is a counter offer?
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1.An offer made by an offeree to his offeror
2. Relating to the same subject matter 3. differing from that proposed by the original offer |
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What is the last shot rule?
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A party impliedly assented to and thereby accepted a counter offer by conduct indicating they didnt object to it.
-Followed by classic K courts o determine when a counter offer was accepted. |
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An offeree's power of acceptance may be terminated by..?
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1. Rejection by the offeree
2. Counter-Offer by the offeree 3. Lapse of time 4. Revocation by the offeror 5. Death or incapacity of the offeror or offeree 6. illegality of the offer 7. Destruction of an essential term 8. The non occurence of any condition of acceptance under the terms of the offer |
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Limiting the power to revoke Res. 45?
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1. offer invites offeree to accept by rendering performance
2. An option K is created when the offeree begins the invited performance |
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How to accept a Bilateral K?
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a manifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer
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How to accept a unilateral K?
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Acceptance by performance requires that at least part of what the offer requests be performed.
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Option K v. mailbox rule
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Acceptance under an option K is not operative until recieved by the offeror.
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When is the acceptance of an offer effective?
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As soon as it is put out of the offeree's hands, or dispatched under the mailbox rule.
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What is Consideration?
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A bargained for exchange
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What is a Firm Offer?
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2-205
1. An offer by a merchant to buy or sell goods in a Signed Writing 2. Which by its terms gives assurance that it will be held open is 3. Not revocable for lack of consideration during the time stated |
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What happens if there is no specific time stated in a firm offer?
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The period of irrevocability may not exceed 3 months.
If the 3 moth times runs out then the firm offer is revocable unless supported by consideration. |
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How do you tell if additional terms under 2-207 materially alter the K?
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A surprise OR a Hardship
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