Podcast
Questions and Answers
What is the essence of the Mirror Image Rule in contract law?
What is the essence of the Mirror Image Rule in contract law?
- Acceptance can differ from the offer as long as it is reasonable.
- Any acceptance must include additional terms.
- Only written acceptance is valid.
- Acceptance must exactly match the terms of the offer. (correct)
Under the UCC Section 2-207, what happens when terms of the acceptance differ from the original offer?
Under the UCC Section 2-207, what happens when terms of the acceptance differ from the original offer?
- The original offer is canceled.
- The differences may still lead to a binding contract unless objected. (correct)
- The acceptance is invalid and no contract is formed.
- New terms must be negotiated separately.
What is the Mailbox Rule concerning acceptance of an offer?
What is the Mailbox Rule concerning acceptance of an offer?
- Acceptance is effective upon dispatch if authorized by the offeror. (correct)
- Acceptance is effective if it is sent in an unauthorized manner.
- Acceptance must be made in writing to be valid.
- Acceptance is effective only upon receipt by the offeror.
In what circumstance might acceptance by silence be considered valid?
In what circumstance might acceptance by silence be considered valid?
What constitutes consideration in a contract?
What constitutes consideration in a contract?
Under what condition might courts question the adequacy of consideration?
Under what condition might courts question the adequacy of consideration?
Which of the following can be considered valid consideration in a contract?
Which of the following can be considered valid consideration in a contract?
What is a common result of deviations in acceptance under the Mirror Image Rule?
What is a common result of deviations in acceptance under the Mirror Image Rule?
What are the three conditions that must be met for promissory estoppel to be enforced?
What are the three conditions that must be met for promissory estoppel to be enforced?
Which of the following best describes an illusory promise?
Which of the following best describes an illusory promise?
What is a valid consequence of a contract entered into under duress?
What is a valid consequence of a contract entered into under duress?
In contract law, what is considered a unilateral mistake?
In contract law, what is considered a unilateral mistake?
Under what circumstances can minors enter into enforceable contracts?
Under what circumstances can minors enter into enforceable contracts?
Which of the following accurately describes fraud in the context of contract enforceability?
Which of the following accurately describes fraud in the context of contract enforceability?
What category of individuals lacks the capacity to contract due to their mental state?
What category of individuals lacks the capacity to contract due to their mental state?
What is the primary result of a mutual mistake in a contract?
What is the primary result of a mutual mistake in a contract?
Flashcards
Acceptance (in contracts)
Acceptance (in contracts)
Agreeing to the offer's terms in the required way.
Mirror Image Rule
Mirror Image Rule
Acceptance must exactly match the offer (common law).
UCC Section 2-207
UCC Section 2-207
Allows merchants some flexibility in accepting offers with varying terms.
Mailbox Rule
Mailbox Rule
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Consideration
Consideration
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Gross Inadequacy
Gross Inadequacy
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Manner of Acceptance
Manner of Acceptance
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Acceptance by Silence
Acceptance by Silence
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Promissory Estoppel
Promissory Estoppel
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Illusory Promise
Illusory Promise
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Duress
Duress
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Undue Influence
Undue Influence
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Mistake (Unilateral)
Mistake (Unilateral)
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Mistake (Mutual)
Mistake (Mutual)
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Fraud
Fraud
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Capacity to Contract (Minors)
Capacity to Contract (Minors)
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Study Notes
Acceptance and Offer
- Acceptance: Agreement to offer terms, in required manner.
- Mirror Image Rule: Acceptance must exactly match offer (common law).
- UCC Section 2-207: Allows varied terms in merchant contracts, unless material alterations or objections.
- Manner of Acceptance: Offeror dictates, or reasonable under UCC if not specified.
- Mailbox Rule: Acceptance effective upon dispatch (authorised).
- Acceptance by Silence: Usually not valid, unless prior dealings suggest, or offeree benefits from the offeror's performance.
Consideration
- Consideration: Mutually exchange of something of legal value.
- Gross Inadequacy: Courts generally don't question sufficiency unless signs of duress or fraud exist.
- Notion of Consideration: Essential for contract enforceability - each party offers something valuable (promise, act, forbearance).
- Examples of Consideration: Exchanging promises, giving something tangible, forgoing a legal right.
- Courts generally uphold contracts: if consideration is legal, even if unequal.
Exceptions to Consideration
- Promissory Estoppel: Enforceable promise without consideration if:
- Promisor makes a promise.
- Promisor expects reliance.
- Actual reliance and injustice result from lack of enforcement.
- Illusory Promise: Unenforceable promise not binding on promisor. (e.g., "If I feel like it").
Defenses to Contract Enforceability
- Duress: Invalidates contracts formed under improper threats.
- Undue Influence: Contracts voided if made due to unfair persuasion based on trust relationship.
- Mistake: Unilateral and especially mutual mistakes in contracts can affect validity.
- Fraud: Intentional misrepresentation voids the contract if justified reliance occurred.
Capacity to Contract
- Minors: Generally cannot be bound to contracts (often voidable to protect minors), due to lack of experience/maturity.
- Mentally Incompetent Individuals: Contracts are void if lacking mental capacity to understand obligations.
- Intoxicated individuals: Contracts entered into while visibly intoxicated are not enforceable.
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Description
This quiz covers essential concepts in contract law, focusing on acceptance and consideration. Learn about the Mirror Image Rule, UCC Section 2-207, and the significance of consideration in enforcing contracts. Test your understanding of these critical legal principles.
