What is a Bi-Lateral contract?
Bilateral contract is defined as a promise for a promise and represents the majority of contracts.
What is a unilateral contract? 
A unilateral contract is a promise for performance and is rare in contracts.
What are the elements of a traditional contract? 
The elements of a traditional Contract are: mutual assent, which is offer and acceptance, and consideration, which is an exchange of promises. (quid pro quo)
What is an offer? 
An offer is a communication that invites assent and indicates that the invited assent will conclude the deal.
What is revocation? 
Revocation is the right to revoke an offer, this right belongs to the offeror
What are the two types of revocation?
Revocation can be direct or indirect 
What is Direct revocation?
Communication from the offeror of their intent not to enter into a proposed contract 
What is indirect revocation? 
Indirect revocation occurs when the offeror takes definite action inconsistent with an intent to enter into the proposed contract
AND
the offeree acquires reliable information to that effect 
Can the power to revoke be limited?
Yes, the power to revolt can be limited under certain circumstances, including an option contract created by partial performance or tender.
What is acceptance?
A manifestation of assent by the offeree to the terms of the offer in the manner invited by the offer.
What is acceptance of a unilateral contract?
Generally acceptance is made by completing the invited performance.
Exceptions may apply under statutory conditions; for example option contracts.
What is consideration?
A return promise or performance that is bargained for.
What are the elements of bargain theory?
A return promise, or performance is bargained for if it is:
a. Sought by the promisor of the disputed promise in exchange for his promise
and
b. given by the promisee of the disputed promise in exchange for that promise.
What is the analysis set up for bargain theory consideration? 
- Identify the disputed promise
a. Promissor and Promisee - Identify the return promise/performance.
What is the structure of a consideration analysis? 
- Argument
a. “John will argue that Jane’s promise is supported by consideration because John’s promise was bargained for.” - Rule/Analysis
a. “Jane sought John’s promise in exchange for her promise.”
b. “ John gave his promise in exchange for Jane’s promise.” - Conclusion
a. “Therefore Jane’s promise was supported by consideration.”
What is the adequacy of consideration concerning restatement section 79?
If consideration is met, there is no further requirement for equivalence in values exchanged, benefit to the promisor or disadvantage to the promisee, or mutuality of obligation.
What is an option contract? 
Indicates that an offer will be held open for a specified period of time for a reasonable amount of time to complete the invited performance.
Limitation on the offeror’s power of revocation.
What is an option contract created by circumstance?
An option contract is created by circumstance when there is partial performance or tender.
According to restatement section 87, subsection two, how is an option contract created?
Generally used in a construction context, it is a binding option contract when the offer should be reasonably expected to induce action or forbearance on the part of the offeree prior to acceptance, and induce such action or forbearance.
It is binding to the extent necessary to avoid injustice.
What is the UCC 2–205 rule concerning option contracts for the sale of goods? 
An offer is not revocable if
* it is by a merchant
* to buy or sell goods and
* is in a signed writing and
* gives assurance that it will be held open for a specified time or
* a reasonable time
* not to exceed three months.
Does UCC 2–205 displace the common law?
No, even if UCC 2–205 applies other option contract analysis may apply.
