Contracts

Question 1

Formation Issues: requirements to make a promise enforceable

Answer 1

1. offer
2. acceptance
3. consideration

Question 2

Revocation

Answer 2

• offers are revocable prior to acceptance
• Four types of irrevocable offers
  1. option contract
  2. merchant’s firm offer
  3. performance begun following offer for unilateral contract
  4. detrimental reliance

Question 3

merchant’s confirmatory memorandum

Answer 3

• two merchants
• written confirmation of oral agreement
• must object within 10 days
• if no objection, statute of frauds is satisfied

Question 4

Acceptance under UCC

Answer 4

1. promising to ship goods

2. promptly shipping goods (acceptance and breach if nonconforming goods sent but is counteroffer sent)