Exam (elaborations)
Blaw Final - Contracts
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Blaw Final - Contracts
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Blaw Final - Contracts3 elements of contracts
1. Offer
2. Acceptance
3. Consideration
Bilateral contracts
Both parties make a promise
i.e. Jordan agrees to sell a hat to Jake, who agrees to pay $10 for it
Unilateral Contracts
only one party makes a promise
i.e. Lost dog reward of $1,000. You are not obligated to go and find the dog, but if
you do and return it the owner is obligated to pay the $1,000
What are Express contracts
Contracts where terms are explicitly stated or written
Implied Contracts
Parties have not expressly stated terms but is extremely obvious
i.e. Going to the grocery store, it is implied you will pay for groceries
executory contract
Contracts that have not been fully executed
(All contracts are executory until both parties have completed their promise)
,Voidable Contract
A contract that may be legally avoided at the option of one or both of the parties,
often one involving a weaker party
Void Contract
A contract that is illegal and has no legal force or binding effect.
What are the two different bodies of contract law?
Uniform Commercial Code (UCC) & Common Law
UCC applies to
contracts for the sale of goods
i.e. Professor agrees to sell you her car (which is a good)
Common Law applies to
Ks that are primarily for things other than goods (i.e., SERVICES, real estate)
Non-Contract Obligations
1. Promissory Estoppel
2. Qauasi-K
restitution
represents the amount the benefiting party received
What is a contract
A legally enforceable promise
, Offer requirements
1. Present, Objective intent to make an offer
2. Specify terms (Cl requires more than UCC)
3. Communication of offer to the offeree
-communication indicates intent
-Advertisements are NOT offers
when is Revocation of Offer acceptable?
Offer can be revoked at any time before acceptance
3 exceptions to revocation of offers
1. Option Contract
2. Partially Performed Unilateral Contracts
3. Firm Offers
Option Contract
A separate contract where the offerer promises to hold the offer open for a stated
period of time in exchange for additional consideration
-There must be something exchanged to give the offerer additional consideration
from the original contract
What is the revocation rule on Partially Performed Unilateral K's
If you have partially performed unilateral contracts, it cannot be revoked
Firm Offer
1. Offer is made by a merchant (UCC only)
2. Offer is written & signed
3. Offer promises to hold offer open for stated period of time (3 months or less)
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