• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/25

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

25 Cards in this Set

  • Front
  • Back
Promise
manifestation of intent to act (or not to act) that reasonably justifies another that a commitment has been made
Contract
Promise for the breach of which law gives a remedy or the performance of which the law recognizes a duty in some way
Remedies--Expectation Interest
put in the same position as if the contract had been performed.
Remedies--Reliance Interest
reimbursement of losses caused by relying on contract--i.e. expenses, foregone opportunities
Remedies--Restitution Interest
restoring an already conferred benefit i.e. fees paid for non-performed work
Subjective Intent v. Objective Intent
SI--what the person intends regardless of action

OI--what a reasonable person would conclude that his objecive manifestations of intent meant
--
Mutual Assent
Occurs when objective meanings and intents converge.
Subjective Meanings and Intent can diverge--doesn't make any difference
Offer-Definition and Elements
manifestation of willingness to enter into a bargain, so made as to justify to another person in understanding that his assent to that bargain is invited and will conclude it.

1. Commitment
2. Certainty
Advertisements
As general rule. not offers, just merely inviting an offer, unless explicit, certain terms are included in ad. i.e Lefkowitz.
Power of Acceptance--how terminated--3
Offer creates power of acceptance in the offeree.
Terminated by:
1. Rejection or Counter-offer (unless would accept even if condition is not satisifed)
2. Lapse of Time(as indicated in K; or what is reasonable under the circumstances. )
3. Revocation by Offeror
Powers of Acceptance--Rejection--exception
manifestation of intention not to accept unless the intention is to take it under further advisement.--reasonable person standard
Option Contract
Limits promisor's power to revoke.
-2 promises:
1. promise not to revoke offer which is accepted once part performance began
2. promise that constitutes the underlying offer, which is conditional on the offeree's full performance.
Mirror Image Rule
Offer must be accepted according to its terms or else it will be considered a counteroffer
Revocation of Unilateral Contract
Minority=until full performance
Majority=until part performance begins
Revocation--non-general offer
non-general by direct or indirect communication(only when offeree acts inconsistent with intent to enter into offer and offeror obtains reliable information of that act
Revocation--General Offer
public notice, advertisements, signs, etc.
Acceptance--2
1. promise-- to act in the manner and mode invited
2. performance--part performance v. mere preparation.
Acceptance by Performance--Notification--2--3
1. No Notification Necessary
2. Offeror's contractual duty is discharged if:
-offeree has reason to know that offeror has no reasonable means of learning of performance

AND

Offeree did not exercise reasonable diligence to notify the offeror or offeror had not otherwise learned of performance

OR
- the offer indicates that no notification is necessary.
Acceptance by Promise--Notification
Offeree must use reasonable diligence. to notify or communicate acceptance
Acceptance by Silence--Exceptions
Generally, mere silence does not operate as acceptance except,
1. offeree takes benefit of offered services with reasonable opportunity to reject them and had reason to know that they were offered for compensation
2. offeror's words or actions would lead offeree to believe that silence or inaction would suffice as acceptance
3. Prior dealings would lead a reasonable person to believe that notification is necessary if offeree does not intend to accept.
Mailbox Rule
acceptance made as soon as out of offeree's possession
-unless option contract, then it must reach offeror to constitute an acceptance.
Statute of Frauds--what is covered
Requires that certain contracts be in writing:
1. Suretyship Provision
2. Land Contract Provision
3. One-Year Provision
4. any contract for sale of goods over $500.
Elements of the writing--4
1. Reasonably identify the subject mater of the K
2. Indicates that a K has been made between the parties
3. states with reasonable certainty the essential terms of the K
4. signed by or on behalf of the party to be charged
Purpose of 2-207
1. determine whether a contract has been formed at all.
2. If it has been formed, what are the terms?
Ways to create option contract
1. part performance of offer for unilateral contract
2. separate consideration given for option K (in writing)
3. detrimental reliance upon an offer for a bilateral contract
-i.e. GC relying on bilateral K with SubC