Contracts: creation

Question 1

In contract creation, there is a unilateral vs bilateral. What does unilateral mean?

Answer 1

A promise for an action
-Not closed until performance is completed
-If you are barred from completing said performance, you might be entitled to compensation (courts may devise a Quasi contract to guard against unjust enrichment

Question 2

In contract creation, there is a unilateral vs bilateral. What does bilateral mean?

Answer 2

A promise for a promise
-Contract is formed once promises are exchanged

Question 3

What does an offer need?

Answer 3

1. Objective manifestation
2. Definite terms
3. Communication of the offer

Question 4

What is object manifestation?

Answer 4

What a reasonable person would think is an offer

Question 5

What are the definite terms of an offer?

Answer 5

1. Identify parties
2. Describes the subject matter (UCC goes into further detail as to how things are described)
3. UCC: governs goods
   -State code
   -The term uniform is an indicatory that this is a state level law, if it was federal it would be universal by it’s nature
4. Common law: real property, personal service contracts
5. Consideration: money

Question 6

Describe the communication of the offer

Answer 6

From the offeror to the offeree
-To a specific person or an invitation to a bid
-Exception is in the case of rewards (no specific person needs to be mentioned)