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MBE Contracts I

Contracts - Formation Issues

QuestionAnswer
Contract Formation - Coverage Areas -Offer -Acceptance -Consideration -Consideration Substitutes -Counter Offer -Revocation -Modification --UCC --Common Law -Pre-Existing Duty Rule
Checkpoint Items -Contract involving the sale of land -Contracts containing contingencies --I will buy if I can get 5% financing --I will buy if I sell my house first -Consideration and substitutes for consideration -Modification -Contracts mixing goods and services
Approach to Contracts -What law applies - UCC or Common Law -What Kind of Contract-Lateral or Bilateral -Who are the parties? --Merchants/Kids - Necessities
Offer & Acceptance -Offer: --An objective manifestation by the offeror of a willingness to enter into a bargain creating thee power of acceptance in the offeree -Acceptance: --An objective manifestation by the offer to be bound by the terms of the offer.
Termination of an Offer -Death of the offeror -Revocation -Rejection -Counteroffer -Lapse of time
Rejection versus Inquiry Rejection terminates offeree's power of acceptance. Inquiry does not terminate the offeree's power of acceptance, Offeror can renew offer in the face of a rejection.
Rights of an Offer -Offeror, can: --Revoke -Offeree, can: --Accept --Reject --Counteroffer --Inquiry
UCC 2-206: Non-Conforming Goods If non-conforming goods are shipped, the shipment serves as an acceptance and at the same time a breach.
Unilateral or Bilateral? -Unilateral Contract: --Offeror makes an offer that calls for performance (Looking for action) -Bilateral Contract: --Offeror and offeree exchange mutual promises (Looking for promise)
UCC 2-205: Firm Offer Rule A signed writing by a merchant which by its terms gives assurance that it will be held open is not revocable for lack of consideration for the star period of time not to exceed three months.
Consideration Bargained for legal detriment
Consideration Considerations -Look for valid contract: --Is there a bargain the court must enforce? --Bargained for exchange --Forbearance to sue -Look for a substitute for consideration --Is there a bargain the court should enforce?
Implied in Law Contracts I -A quasi-contract is not an actual contract, rater a legal substitute for a contract formed to imps equity between two parties. -A contrat should have been formed, even though in actually it was not
Implied in Law Contracts II -Used when a court faces a situation of injustice to enforce the agreement to ensure fairness.
Modification I A subsequent agreement that alters or changes the parties' duties and obligations under the terms of their original contract.
Modification II -UCC: --Good faith, no consideration req'd -Common Law: --Pre-existing duty rule, new consideration req'd
Pre-existing Duty Rule Performance of an act by which a party is already contactually bound to perform does not constitute valid consideration for a new promise.
Created by: Gkell001