General

Question 1

What are the different types of contracts?

Answer 1

RAPpER

1. Relational Contract: Executory contract that lasts a long time (parties have a long-term relationship)
2. Adhesion Contract: Take it or leave it. No opportunity to negotiate. (E.g., lease, ATT). Agreement where one party has substantially more power over the other in setting contract terms  differs from unconscionable because the offeree has other options (could live somewhere else, have a different cell phone plan).
3. Present Contract: Contract that takes place right now
4. Executory Contract: Performance that takes place in the future. During the executory interval, market prices fluctuate, but neither party can break the contract (this is a risk)
5. Relational Contract: Executory contract htat lasts a long time (parties have a long-term relationship)
6. Requirements Contract: Contract between supplier and purchaser where seller agrees to provide purchaser with all the goods that purchaser needs, and buyer agrees to purchase goods exclusive from supplier.

Question 2

What is not governed by the UCC?

Answer 2

SLAI
Service
Land
Art
Intellectual Property

Question 3

When do parties form a contract

Answer 3

[Restatement § 17]
Two parties form a contract when they mutually assent to a bargain that exacts from each some consideration

Question 4

What standard do you use to evaluate party’s intent in entering a bargain

Answer 4

Objective standard: what would a reasonable person have thought? (Lucy v. Zehmer)

Question 5

What is a contract

Answer 5

Restatement 1
A contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.