Exam (elaborations)
1L Contracts Questions and Answers 2024
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Exam of 9 pages for the course law of contracts at law of contracts (1L Contracts)
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1L Contractscontract – answer a promise or set of promises the breach of which the law provides a
remedy
offer - answer present manifestation of a willingness to enter into a bargain, so made as
to justify another person in understanding that his assent to that bargain is invited and
will conclude it
option contract - answer a promise which meets the requirement for the formation of a
contract and limits the promisor's power to revoke an offer
ways to terminate an offer - answer rejection/counter-offer, lapse of time, revocation by
the offeror, or death or incapacity of the offeror or offeree
rejection - answer an offeree's termination of her power of acceptance unless there is a
contrary intention of offeror or of offeree to take the offer under further advisement
counter-offer - answer an offer made by an offeree that is related to the original offer but
proposes a substituted bargain
revocation - answer termination of the offer by the offeror that is communicated to the
offeree through words or actions before the offeree accepts the offer; can be
communicated by a reliable third party
forms of acceptance - answerofferor may invite or require acceptance; the offeror is the
master of his offer
R2 45 - answerin unilateral contract, an option contract is created when the offeree
tenders the beginning of it
time of acceptance - answerwhen made in a manner and by a medium invited by, an
offer is operative and completes the manifestation of mutual assent as soon as put out
of the offeree's possession, without regard to whether it ever reaches the offeror (except
in the case of an option K - mailbox rule)
consideration - answerwhat is being exchanged through a contract
mutual assent - answera present willingness to enter into a bargain; meeting of the
minds; modern test - objectivity
, elements of mutual assent - answeroffer and acceptance
acceptance - answerAn offeree's assent, either by express act or by implication from
conduct, to the terms of an offer in a manner authorized or requested by the offeror, so
that a binding contract is formed; can be through words, actions, or even sometimes
silence or inaction; objective
ways to keep an offer open - answeroption with consideration, R2 45, promissory
estoppel, and statutes
option contract - answera 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 - answera promise for an act; act is both acceptance and consideration
mailbox rule - answeracceptance is effective upon transmission (i.e. when the letter is
put in the mailbox)
benefit/detriment test - answercommon law test; promise must be a benefit to the
promisor OR a detriment to the promisee
bargained for test - answermodern 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 - answerwhen performance has been tendered, the offeror
must keep keep the offer open for amount of time to reasonably complete the act
agency - answerthe fiduciary relationship that arises when one person (principle)
manifests assent to another (agent) to allow the agent to act on the principle's behalf
actual authority (agency) - answerExpress (words - oral or written) or implied (conduct)
manifestations of agency
apparent authority (agency) - answerthird party reasonably believes that a principle has
manifested agency on a person (even if the agent is unaware of this authority);
manifestation can be inferred from title, job description, etc.
ratification (agency) - answera principle giving an agent their authority to act on the
principle's behalf, after the action has taken place
PE to keep offer open - answeran offer which the offeror could reasonably foresee the
offeree relying on, and the offeree has SUBSTANTIALLY relied on the offer to their
detriment and fairness and justice requires a remedy; typically used for bids in
construction law
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