Requirements of an offer - ️️First, they look for some objective indication of a
present intent to contract on the part of the offeror. Second, they look for specificity, or
definiteness, in the terms of the alleged offer. Third, they look to see whether the
alleged offer has been communicat...
BMGT 380 Exam 2: Contracts
Requirements of an offer - ✔️✔️First, they look for some objective indication of a
present intent to contract on the part of the offeror. Second, they look for specificity, or
definiteness, in the terms of the alleged offer. Third, they look to see whether the
alleged offer has been communicated to the offeree.
Freedo elements of a contract - ✔️✔️made up of an offer and an acceptance of that
offer. In addition, there usually must be consideration to support each party's promise.
The contract must be between parties who have capacity to contract, and the objective
and performance of the contract must be legal.
m of Contract - ✔️✔️idea that contracts should be enforced because they are the
products of the free wills of their creators, who should, within broad limits, be free to
determine the extent of their obligations.
unilateral contracts - ✔️✔️only one party makes a promise.
bilateral contract - ✔️✔️both parties exchange promises and the con- tract is formed as
soon as the promises are exchanged.
executed contract - ✔️✔️A contract is executed when all of the parties have fully per-
formed their contractual duties.
executory contract - ✔️✔️It is executory until such duties have been fully performed.
UCC - ✔️✔️deals with sales goods
Common Law - ✔️✔️laws created in court. Deals with services
unconscionable contract - ✔️✔️one that is grossly unfair or one-sided,
merchants - ✔️✔️professionals or licensed people. They are hold to a higher standard
in contract disputes
quasi-contract - ✔️✔️it represents an obligation imposed by law to avoid injustice, not a
contractual obligation created by voluntary consent.
is imposed when one party confers a benefit on another who knowingly accepts it and
retains it under circumstances that make it unjust to do so without paying for it.
example: when tim paints Bob's fence by accident and Bob knew. Bob has to pay for
the work done
, promissory estopel - ✔️✔️one person might rely on a promise made by another even
though the promise and the relevant circumstances are not sufficient to justify the
conclusion that a contract exists.
For example, in Ricketts v. Scothorn, a grandfather's promise to pay his granddaughter
interest on a demand note he gave her so that she would not have to work was
enforced against him after she had quit her job in reliance on his promise.
general common law of revocation - ✔️✔️The general common law rule on revocations
is that offerors may revoke their offers at any time prior to acceptance, even if they have
promised to hold the offer open for a stated period of time.
exception to the general common law of revocation - ✔️✔️options: when people pay
you to hold an offer. Like when you put a deposit down on a house
offers for unilateral contract: with these acceptance is by doing the offer and if they do it
you can't revoke it
promissory estopel
firm offers of the sales of goods
firm offer - ✔️✔️It needs to have:
Be made by an offeror who is a merchant
Be contained in a signed writing
Give assurances that the offer will be kept open.
death or insanity in a contract offer - ✔️✔️The death or insanity of either party to an
offer automatically terminates the offer without notice. A meeting of the minds is
obviously impossible when one of the parties has died or become insane
destruction of subject matter in an offer - ✔️✔️If, prior to an acceptance of an offer, the
subject matter of a pro- posed contract is destroyed without the knowledge or fault of
either party, the offer is terminated.
elements needed for acceptance - ✔️✔️(1) the offeree indicates a present intent to
enter the contract,
(2) the offeree accepted on the terms proposed by the offeror, and
(3) the offeree communicated his acceptance to the offeror.
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