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MULTISTATE BAR EXAM FLASHCARDS/ 100% PASSED 2024 WITH COMPREHENSIVE ANSWERS
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MULTISTATE BAR EXAM FLASHCARDS/ 100% PASSED 2024 WITH COMPREHENSIVE ANSWERS
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MULTISTATE BAR EXAMFLASHCARDS/ 100% PASSED 2024 WITH
COMPREHENSIVE ANSWERS
Unilateral Contract - //Performance divided into 2 + parts under K; Number of
parts due from each party is the same; and Performance between parties is
equivalent.
Divisible Ks - //Performance divided into 2 + parts under K; Number of parts due
from each party is the same; and Performance between parties is equivalent.
Option K - //Agreement to leave open in exchange for consideration.
Advertisements - //Generally preliminary proposal unless words are to identifiable
person (e.g. first come first serve).
Quasi-K - //Equitable remedy when K results are unfair; Prevents unjust
enrichment.
Mixed contracts - //Determined by the more important part of the deal, except
divided contracts in which both UCC and common law rules may apply.
Offer - //A manifestation of a present intent to contract demonstrated by promise,
undertaking or commitment; Definite and certain terms; Communicated to an
identified offeree; Must include description.
, Firm Offer under UCC - //Offer can't be revoked for up to 3 months if: Offer to
buy or sell goods; Signed written promise to keep open; Party is merchant.
Revocation - //Unambiguous statement by offeror to offeree or unambiguous
conduct indicating unwillingness to K that offeree is aware of.
Instances Where Offer Irrevocable - //Option K; Detrimental reliance (must be
reasonably foreseeable); Start of performance.
Rejection of Offer - //Counteroffers kill; Adding terms under common law mirror
image rule; Lapse of time (e.g. > 1 month); Conditional acceptance.
Acceptance - //A manifestation of assent to the terms of an offer in the manner
prescribed or authorized by the offer.
Mailbox rule - //Acceptance effective when mailed; All else effective when
received.
Common law: Mirror Image Rule - //One party is merchant → add'l term is
proposal subject to separate rejection; Both parties merchants → add'l term is part
of K unless (1) materially alters K; (2) offeror objects within reasonable time; or
(3) offer limits acceptance to the terms.
Consideration - //Requires bargained-for exchange of legal detriment between
parties; Substitutes for consideration: Written promise when prior obligation had
applicable legal defense; Promissory estoppel; Not considered consideration,
except expressly requested performance/forbearance and expectation of payment.
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