Contracts Outline - Chapter 1 & 2

<p>A manifestation of willingness to bargain without commitment. (C)</p> Signup and view all the answers

<p>It is treated as a counteroffer. (C)</p> Signup and view all the answers

<p>An offer is made when received, and acceptance when sent. (C)</p> Signup and view all the answers

<p>A clear and complete agreement to the terms of the offer. (C)</p> Signup and view all the answers

<p>Silence may serve as acceptance only in specific cases. (C)</p> Signup and view all the answers

<p>A detriment incurred by the promisee induced by the promisor's promise (B)</p> Signup and view all the answers

<p>Giving up your legal right to do something in exchange for a promise (A)</p> Signup and view all the answers

<p>It is always considered insufficient for current promises (C)</p> Signup and view all the answers

<p>Mutual promises of wedding gifts (D)</p> Signup and view all the answers

<p>They must have been bargained for by both parties (D)</p> Signup and view all the answers

<p>It invites acceptance in any reasonable manner. (D)</p> Signup and view all the answers

<p>A moral obligation can support a promise if a benefit was received. (C)</p> Signup and view all the answers

<p>A sacrifice or loss incurred by the promisee based on the promise (D)</p> Signup and view all the answers

<p>The enforceability of certain types of contracts (D)</p> Signup and view all the answers

<p>Some contract terms can be absent but the essential terms must be clear. (D)</p> Signup and view all the answers

<p>A promise that involves no exchange or value (A)</p> Signup and view all the answers

<p>A promise to pay an estate's debts with personal funds (A)</p> Signup and view all the answers

<p>Whether the contract is primarily for the sale of goods or for providing services. (A)</p> Signup and view all the answers

<p>The exchange of something valuable between the parties (D)</p> Signup and view all the answers

<p>Sale of goods priced at $400 (A)</p> Signup and view all the answers

<p>The Gravamen Test (B)</p> Signup and view all the answers

<p>It is considered an acceptance despite the differing terms. (A)</p> Signup and view all the answers

<p>The language of the contract. (D)</p> Signup and view all the answers

<p>It identifies whether services or goods dominate the contract. (B)</p> Signup and view all the answers

<p>The defects in the installation of a product. (D)</p> Signup and view all the answers

<p>They must provide evidence of certainty regarding the loss. (B)</p> Signup and view all the answers

<p>A gratuitous promise is made without any expectation of consideration. (A)</p> Signup and view all the answers

<p>Detriment or reliance. (B)</p> Signup and view all the answers

<p>Fraudulent misrepresentation. (B)</p> Signup and view all the answers

<p>To prevent injustice by enforcing the promise. (C)</p> Signup and view all the answers

<p>There were no legal obligations due to lack of consideration. (C)</p> Signup and view all the answers

<p>They must be shown with reasonable certainty to be recoverable. (D)</p> Signup and view all the answers

<p>Bargained-for exchange. (A)</p> Signup and view all the answers

<p>It must include a detailed description of the goods and be signed by at least one party. (C)</p> Signup and view all the answers

<p>Promissory estoppel exception (A)</p> Signup and view all the answers

<p>Performance that leads a reasonable outsider to conclude that the contract exists. (D)</p> Signup and view all the answers

<p>The emotional state of the promisor. (A)</p> Signup and view all the answers

<p>Conduct that verifies the existence of an oral agreement is sufficient. (A)</p> Signup and view all the answers

<p>Contracts for employment lasting more than one year. (C)</p> Signup and view all the answers

<p>Any mark made with intent can be considered a signature. (D)</p> Signup and view all the answers

<p>A written agreement for the total quantity of goods. (C)</p> Signup and view all the answers

<p>The unique nature of the land and evidence of performance. (C)</p> Signup and view all the answers

<p>It must identify the goods clearly. (D)</p> Signup and view all the answers

A proposal to enter into a contract, creating a legal obligation on the offeror and giving the offeree the power to accept.

A response to an offer that changes or adds terms; it rejects the original offer and creates a new one.

An unqualified expression of agreement to the terms of an offer.

The principle that an acceptance must be identical in every detail to the offer to be valid.

A contract formed when one party makes a promise that the other party accepts by performing an action.

Something of value exchanged by each party in a contract.

The mutual understanding and agreement of the parties involved in a contract.

Ways of ending an offer, like rejection, lapse of time or revocation.

The promise or performance must be sought by the promisor and given by the promisee in exchange for the promise.

Giving up a legal right in exchange for a promise.

A prior act or promise that does not serve as consideration for a new promise.

Consideration has to be sufficient to support a contract; sufficient for the promise made.

A promise without consideration, typically not legally enforceable.

A party's promise is given in response to another party's previous act, promise, or forbearance of a right.

The promisee's promise, performance, or forbearance inducing the promisor to make a promise, and vice versa.

Under UCC, 'goods' can include unborn young of animals and growing crops, extending the scope of what's considered 'goods' in a contract.

Parties must agree to the same terms, but UCC 2-206 allows flexibility in how acceptance is expressed, as long as it's reasonable under the circumstances.

Under UCC 2-206, an order or offer to buy goods is presumed to invite acceptance, making it easier to form a contract.

If starting a requested performance is a reasonable way to accept an offer, the offeror must be notified within a reasonable time, or they can assume the offer is withdrawn.

A contract can be enforceable even if some terms are missing, but essential terms must be clear enough to determine if the agreement was kept or broken.

Even without a formal document, parties' actions can show they have an agreement, creating a binding contract.

Used to determine if UCC applies to a mixed goods/services contract. Focuses on whether the goods or services are the main part of the contract.

UCC 2-207 aims to resolve disputes when parties exchange different forms containing conflicting terms, aiming to avoid the 'last shot' rule.

A promisor who receives a tangible benefit from a promise may be legally obligated to pay for that benefit, even if there was no formal contract.

A law that requires certain types of contracts to be in writing to be legally enforceable.

A mnemonic for remembering the six categories of contracts covered by the Statute of Frauds: Marriage, Year, Land, Executor, Goods, Surety

A contract that involves the sale, lease, or easement of real property must be in writing to be legally enforceable.

A promise to pay the debt of another person must be in writing to be enforceable.

A legal principle where a party seeking to avoid a contractual clause due to hardship must prove it would cause severe economic harm to them.

A promise made without any exchange of value or consideration, making it legally unenforceable.

Damages awarded for income lost due to a breach of contract, which must be proven with reasonable certainty and not speculative.

A legal doctrine that enforces a promise when a party reasonably relies on it, suffers a detriment, and injustice can only be avoided by enforcement.

A legal doctrine that prevents a party from asserting a right or claim that conflicts with a previous statement or action that induced another to act.

The mutual exchange of value or consideration between parties in a contract, which is essential for legal enforceability.

A promise that reasonably leads a party to take action or refrain from doing something, making it legally binding if injustice can be avoided by enforcement.

Significant changes or enhancements made to property that increase its value, often considered a basis for enforcing a promise.

A law requiring certain types of contracts to be in writing and signed to be enforceable.

1. Executor's promise to pay estate debts
2. Sale of goods for $500 or more
3. Suretyship (promise to pay another's debt)

A written memorandum signed by the party against whom enforcement is sought.

A document that satisfies the SoF requirements, but not necessarily a full contract. It can be a series of writings, a letter, or an email.

A contract may still be enforced even without a signed writing if there's been substantial performance, especially for land contracts.

Proof of not only payment, but also taking possession or making improvements.

Conduct must be consistent with the terms of the oral agreement to prove the contract existed.

Factors like availability of other remedies, definite and substantial reliance, corroborating evidence, reasonableness of reliance, and foreseeability.

It must identify the goods and be signed by the party against whom enforcement is sought.