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10 Cards in this Set

  • Front
  • Back
A promise which…should reasonably expect to induce action or forbearance on the part of [promisee or third party] binding if injustice can be avoided only by enforcing the promise
(1) When offer invites acceptance by rendering performance and NOT promissory acceptance, option contract created when performance begins, (2) Offeror's duty of performance conditional on completion of invited performance
(1) Binding under standard terms (2) if substantial reliance, binding to extent necessary to avoid injustice
Manifestation of willingess to enter into a bargain justifies others belief as such
(1) Accord is a contract under which obligee promises to accept a stated performance in satisfaction of existing duty (discharges original duty), (2) Until performance, original duty is suspended unless there is breach of accord by obligor obligee can then enforce either orginal duty or duties under the accord, (3) Breach by obligee does not discharge orginal duty, but obligor can sue for specific performance and damages for partial breach of accord
Performance of a legal duty is not consideration & consideration if different from what was required by that legal duty
Promise modifying existing duty is binding (a) if fair and equitable in view of unanticipated circumstances, (b) to extent provided by statute or (c) to extent that justice requires
Power of acceptance of Options K NOT terminated by rejection, counteroffer, revocation or death/incapacity unless requirements are met for discharge of duty
Offeree's power of acceptance terminated when he receives manifestation of intention not to enter into the proposed contract.
Offeree's power of acceptance terminated when offeror takes definite action inconsistent with intention to enter into proposed contract