1L Contracts Exam Questions and Answers 100% Solved
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Course
1L Contracts
Institution
1L Contracts
1L Contracts Exam Questions and
Answers 100% Solved
contract - a promise or set of promises the breach of which the law
provides a remedy
offer - present manifestation of a willingness to enter into a bargain,
so made as to justify another person in understanding that his assent to
that barga...
through words, actions, or even sometimes silence or inaction; objective
ways to keep an offer open - ✔✔option with consideration, R2 45,
promissory estoppel, and statutes
option contract - ✔✔a promise which meets the requirements (namely,
consideration) for the formation of a contract and limits the promisor's
power to revoke and offer
Unilateral K - ✔✔a promise for an act; act is both acceptance and
consideration
mailbox rule - ✔✔acceptance is effective upon transmission (i.e. when
the letter is put in the mailbox)
benefit/detriment test - ✔✔common law test; promise must be a benefit
to the promisor OR a detriment to the promisee
bargained for test - ✔✔modern test; promises/acts are being exchanged
for one another; value is not weighed but there must be actual inducement
taking place
keeping unilateral K open - ✔✔when performance has been tendered,
the offeror must keep keep the offer open for amount of time to reasonably
complete the act
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