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Contracts 1L Mod 5-6 Things to know

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
Termination of an offer prior to acceptance   show
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Rule for calculating days when there is a lapse of time   show
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Delays in the delivery of the offer under lapse of time   show
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show Offer is terminated even if the offeree is unaware of the offeror's death.  
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Minority view of death or lack capacity of the offeror or offeree   show
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show The offeror's withdrawal of its offer, communicated either directly or indirectly to the offeree, at any time prior to acceptance.  
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Under revocation - A written communication is received   show
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show A rejection terminates the offeree's power of acceptance.  
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show Restatement (Second)- This result also carries out the usual understanding that a new proposal supercedes an earlier proposal; counter offer includes a purported acceptance that adds qualifications or requires performances not contained in the offer.  
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Difference between a counter-offer and a rejection   show
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show Terminated by death or destruction, prior to acceptance, of a person or thing essential to performance of the contract.; also terminated by illegality supervening between the making of an offer and its acceptance.  
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Effect of a late acceptance   show
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Additional terms become part of the contract unless   show
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show Should be treated as additional terms; cancel out & gap fillers of the code should fill the void; never become part of the contract unless the different terms are accepted by the offeror.  
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If the records do not create a contract   show
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show Where an agreement has been reached either orally or by informal correspondence between the parties and is followed by 1 or both parties sending formal acknowledgements with the terms both agreed and additional terms not discussed; or they conflict.  
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show A contract that continues automatically unless someone decides to end it.  
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show CISG; UNIDROIT; UCITA  
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show A trivial variation in the acceptance from the terms of the offer does not prevent a contract from being formed unless the offeror objects to the variation.  
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UNIDROIT   show
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UCITA   show
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show Revocable offer to a bilateral contract may be revoked at any time prior to its acceptance; parties in the presence of one another.  
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show The offeror's revocation is not effective until it is actually, physically received by the offeree; an acceptance is effectively communicated when it is put out of the possession of the offeree.  
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Parties in presence of one another   show
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show Telegraph company or publisher is A's agent; results in better business conveinence; 1st party toutilize the telegraph company should bear the risk of loss because the use of the telegraph company makes the 1st party more responsible for the error.  
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Majority view of mistake in transmission by an intermediary   show
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show Holds that no contract will arise.  
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show By offeror's acceptance of a consideration in exchange for a promise to keep the offer open; under the doctrine of promissory estoppel.  
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show Option contract is a hybrid; it is a contract and an offer; once it is determined that an option contract exists, the ordinary rule of offer and acceptance often apply.  
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show Lapse of time; death, destruction, legal prohibition; revocation & rejection; Supervening death or incapacity of the offeror  
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Consideration   show
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show The promisee must suffer legal detriment; The detriment must induce the promise; The promise must induce the detriment  
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show Cost  
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show A party gratuitously agrees to raise or lower the contract price to reflect changing market conditions.  
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show A promise to make a gift.  
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show covenant; debt; assumpsit  
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A covenant was used to   show
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show Debt was used to sue for a definite sum owing as a result of performance by the promisee.  
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Assumpsit grew out of cases where   show
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What does the notion of the writ of debt require   show
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What does the notion of the writ of assumpsit require   show
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show Promisee must suffer legal detriment; detriment must induce the promise; promise must induce the detriment.  
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The promisee must suffer legal detriment means   show
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show The promisor must have made the promise because the promisor wishes to exchange it, at least in part, for the detriment to be incurred by the promisee.  
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The promise must induce the detriment means   show
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show The promisor obtains a legal benefit  
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show The offeree must know of the offer and manifest an intent to accept; the offeree must actually or apparently be induced to act by the promise.  
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show In plain English, if the unread but agreed-to terms objectively contain the appearance of "a bargained-for exchange," consideration is present.  
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Past consideration   show
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show Lawyer-client retainer  
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Conditions to gift distinguished   show
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An offer is binding as an option contract   show
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With respect to a guaranty it reads...   show
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show The surrender of an invalid claim serves as consideration if the claimant has asserted it in good faith and a reasonable person could believe that the claim is well founded.  
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show When a person performs or promises to perform a legal obligation, or promises to refrain from doing or refrains from doing what the person is not legally privileged to do, the person has not incurred detriment.  
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Duties imposed by law   show
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show There is the initial agreement of recission by which each party gave up something, and finally the subsequent employment agreement.  
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Contract duties exception   show
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Cardinal change doctrine   show
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show Based on the idea that a person incurs legal detriment in giving up the legal right to breach the contract.  
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Classical view of three-party cases   show
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Part payment cannot satisfy a debt   show
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show Have the parties gone through a process of offer & acceptance (accord); has the accord been carried out (satisfaction); whether the offer & acceptance is supported by consideration.  
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IF the offer & acceptance is supported by consideration.   show
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Intent of the creditor under the holdings that an accord and satisfaction is formed   show
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Payment in full on a check that isn't the full amount...Creditors try to avoid this result by   show
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show Article 3 of the UCC provides detailed rules by which creditors can guard against full payment checks by preemptive notice & by tendering the return of the funds represented by the checks.  
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Discuss the STATUTES OF FRAUDS.   show
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Define MIRROR IMAGE RULE.   show
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Name the 3 ELEMENTS OF COMMON LAW ACCEPTANCE.   show
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show Can't use MAILBOX RULE: If the offer says you can't; Can't use is OPTION CONTRACTS to stradle the end of the option; if the rejection is received first by the OFFEROR and acted upon; and, based on what is read first-the rejection or acceptance.  
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Define SHRINKWRAP.   show
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Define a ROLLING CONTRACT.   show
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Define BROWSEWRAP.   show
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show Must know of the offer; Must exchange a requested performance or promise for the OFFEROR'S promise; and Must manifest and intent to accept the offer.  
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show Prevents a party to a contract fro introducing any oral or written amendments or terms that contradicts the final written agreement.  
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List the 3 elements of the CONSIDERATION DOCTRINE.   show
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Define LEGAL DETRIMENT.   show
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show The theory that the smallest detriment can serve as onsideration-may have very little economic value but will have significant legal value.  
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