Contracts

Question 1

What is an offer?

Answer 1

Manifestation of present intent to contract that creates power of acceptance in offeree (11.1%)

Question 2

Are advertisements offers?

Answer 2

No, unless ad is specific and leaves nothing open to negotiation (11.1%)

Question 3

What terms must be definite for an offer (common law)?

Answer 3

Parties, subject matter, quantity, price (11.1%)

Question 4

What terms are required for an offer under the UCC?

Answer 4

Parties, subject matter, quantity (price may be open) (11.1%)

Question 5

How can an offer be terminated?

Answer 5

Revocation, rejection, counteroffer, lapse of time, death/incapacity, illegality (11.1%)

Question 6

What is revocation?

Answer 6

Offeror withdraws offer before acceptance (11.1%)

Question 7

What is constructive revocation?

Answer 7

Offeree learns offeror took action inconsistent with offer (11.1%)

Question 8

What is an option contract?

Answer 8

Offer supported by consideration to keep open (5.6%)

Question 9

What is a UCC firm offer?

Answer 9

Merchant + signed writing + assurance to keep open (≤ 90 days) (5.6%)

Question 10

When is a unilateral offer irrevocable?

Answer 10

Offeree begins performance (5.6%)

Question 11

How does detrimental reliance affect revocability?

Answer 11

Offer becomes irrevocable to extent necessary to prevent injustice (5.6%)

Question 12

What is acceptance?

Answer 12

Manifestation of assent to the terms of the offer (8.3%)

Question 13

What is the mirror image rule?

Answer 13

Acceptance must exactly match offer (common law) (8.3%)

Question 14

What is the mailbox rule?

Answer 14

Acceptance effective upon dispatch (8.3%)

Question 15

Is silence acceptance?

Answer 15

No, unless prior dealings or offeree takes benefit knowing compensation expected (8.3%)

Question 16

What is consideration?

Answer 16

Bargained-for exchange of legal value (16.4%)

Question 17

What is legal detriment?

Answer 17

Doing what one is not legally obligated to do or refraining from a right (16.4%)

Question 18

Are past acts consideration?

Answer 18

No (16.4%)

Question 19

What is the preexisting duty rule?

Answer 19

Promise to perform existing duty is not consideration (16.4%)

Question 20

Exception to preexisting duty rule (UCC)?

Answer 20

Contract modification enforceable if made in good faith (16.4%)

Question 21

What is promissory estoppel?

Answer 21

Promise + foreseeable reliance + actual reliance + injustice without enforcement (2.8%)

Question 22

What is quasi-contract?

Answer 22

Restitution to prevent unjust enrichment (<1.0%)

Question 23

What constitutes incapacity?

Answer 23

Minority, mental incapacity, intoxication (<1.0%)

Question 24

What is misrepresentation?

Answer 24

False statement of material fact inducing assent (8.2%)

Question 25

What is fraud?

Answer 25

Knowing/reckless false statement + intent + reliance (8.2%)

Question 26

What is duress?

Answer 26

Improper threat leaving no reasonable alternative (8.2%)

Question 27

What is undue influence?

Answer 27

Unfair persuasion of a vulnerable party (8.2%)

Question 28

What is unconscionability?

Answer 28

Procedural unfairness + substantive unfairness (<1.0%)

Question 29

Effect of illegality?

Answer 29

Contract void or unenforceable (2.8%)

Question 30

What contracts fall under the Statute of Frauds?

Answer 30

MYLEGS: Marriage, Year, Land, Executor, Goods ≥ $500, Surety (13.9%)

Question 31

How is the Statute of Frauds satisfied?

Answer 31

Writing signed by party to be charged + essential terms (13.9%)

Question 32

Exception for land contracts?

Answer 32

Part performance (13.9%)

Question 33

Exception for goods contracts under UCC?

Answer 33

Merchant confirmation rule (13.9%)

Question 34

What is the parol evidence rule?

Answer 34

Prior/contemporaneous evidence excluded if contradicts integrated writing (8.2%)

Question 35

When is parol evidence admissible?

Answer 35

To explain ambiguity, show defenses, condition precedent, or separate agreement (8.2%)

Question 36

What is a fully integrated agreement?

Answer 36

Writing intended as complete and final expression (8.2%)

Question 37

What is substantial performance?

Answer 37

Minor breach; performance essentially complete (11.5%)

Question 38

Effect of material breach?

Answer 38

Discharges non-breaching party’s duty (11.5%)

Question 39

What determines materiality?

Answer 39

Extent of deprivation, ability to cure, good faith (11.5%)

Question 40

What is anticipatory repudiation?

Answer 40

Unequivocal refusal before performance due (6.6%)

Question 41

What is impossibility?

Answer 41

Performance objectively impossible (6.6%)

Question 42

What is impracticability?

Answer 42

Extreme and unreasonable difficulty or expense (6.6%)

Question 43

What is frustration of purpose?

Answer 43

Principal purpose destroyed; known to both parties (6.6%)

Question 44

Who is an intended beneficiary?

Answer 44

Intent to benefit + recognition appropriate (6.6%)

Question 45

When do beneficiary rights vest?

Answer 45

Assent, reliance, or suit (6.6%)

Question 46

What is an assignment?

Answer 46

Transfer of contractual rights (6.6%)

Question 47

What is a delegation?

Answer 47

Transfer of contractual duties (6.6%)

Question 48

What duties cannot be delegated?

Answer 48

Personal skill, special trust, or prohibited duties (6.6%)

Question 49

What are expectation damages?

Answer 49

Put non-breaching party in position as if contract performed (13.9%)

Question 50

What limits contract damages?

Answer 50

Causation, foreseeability, certainty, mitigation (13.9%)

Question 51

When is specific performance available?

Answer 51

Unique subject matter or inadequate damages (land) (13.9%)

Question 52

When are liquidated damages enforceable?

Answer 52

Reasonable forecast + actual damages hard to estimate (13.9%)