BUL 5810 TIPS SET ANSWERS AND QUESTIONS SET
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✔✔What are the requirements for quasi contracts/restitution? - ✔✔A court will impose a
quasi contract or restitution when (1) the plaintiff confers a benefit upon the defendant,
(2) the defendant knows or appreciates the benefit, and (3) the defendant's retention of
the benefit is inequitable.
✔✔What remedy is available for quasi contracts/restitution? - ✔✔The plaintiff recovers
the reasonable value of the benefit she conferred upon the defendant.
✔✔An offer is defined as: - ✔✔indication of willingness to enter into a contract.
✔✔T or F: Offeree must have knowledge of the offer, and the offer must be made by the
offeror to the offeree. - ✔✔True
✔✔Intent is determined by: - ✔✔an objective standard of what a reasonable offeree
would have believed.
✔✔An offer's terms must be clear enough to provide a court with: - ✔✔a basis for giving
an appropriate remedy.
✔✔An offer remains open for the time period specified or, if no time is stated, for a: -
✔✔reasonable period of time.
✔✔Generally, an offer may be terminated at any time before it is accepted, subject to
the following exceptions: - ✔✔1. Option Contract - contract that binds offeror to keep an
offer open for a specified time
2. Firm Offer - a merchant's irrevocable offer to sell or buy goods in a signed writing
ensures that the offer will not be terminated for up to three months
3. Statutory Irrevocability - offer made irrevocable by statute
4. Irrevocable Offer of Unilateral Contract - a unilateral offer may not be revoked for a
reasonable time after performance is begun
, 5. Promissory Estoppel - noncontractual promise that binds the promisor because she
should reasonably expect that the promise will induce the promisee (offeree) to take
action in reliance on it
✔✔T or F: Refusal to accept an offer does not terminate the power of acceptance. -
✔✔False
✔✔What is a counteroffer? - ✔✔A counterproposal to an offer that generally terminates
the original offer.
✔✔Death or Incompetency of either the offeror or the offeree: - ✔✔terminates the offer
✔✔T or F: Destruction of Subject Matter of an offer terminates the offer. - ✔✔True
✔✔Subsequent Illegality of the purpose or subject matter of the offer
____________________ the offer. - ✔✔terminates
✔✔What are the requirements for acceptance of an offer? - ✔✔Positive and
unequivocal expression of a willingness to enter into a contract on the terms of the offer.
✔✔What is the mirror image rule? - ✔✔Except as modified by the Code, an acceptance
cannot deviate from the terms of the offer.
✔✔What is the general rule for communication of acceptance? - ✔✔Acceptance
effective upon dispatch unless the offer specifically provides otherwise or the offeree
uses an unauthorized means of communication.
✔✔The communication of acceptance must conform to the
__________________________ in the offer - ✔✔specification
✔✔The Restatement and the Code provide that unless the offer provides otherwise,
acceptance is authorized to be in: - ✔✔any reasonable manner
✔✔Unauthorized Means acceptance is effective when received, provided that: - ✔✔it is
received within the time within which the authorized means would have arrived.
✔✔T or F: The first communication received by the offeror is effective. - ✔✔True
✔✔Defective Acceptance does not create a contract but serves as a: - ✔✔new offer
✔✔Duress is defined as: - ✔✔wrongful or unlawful act or threat that overcomes the free
will of a party.
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✔✔What are the requirements for quasi contracts/restitution? - ✔✔A court will impose a
quasi contract or restitution when (1) the plaintiff confers a benefit upon the defendant,
(2) the defendant knows or appreciates the benefit, and (3) the defendant's retention of
the benefit is inequitable.
✔✔What remedy is available for quasi contracts/restitution? - ✔✔The plaintiff recovers
the reasonable value of the benefit she conferred upon the defendant.
✔✔An offer is defined as: - ✔✔indication of willingness to enter into a contract.
✔✔T or F: Offeree must have knowledge of the offer, and the offer must be made by the
offeror to the offeree. - ✔✔True
✔✔Intent is determined by: - ✔✔an objective standard of what a reasonable offeree
would have believed.
✔✔An offer's terms must be clear enough to provide a court with: - ✔✔a basis for giving
an appropriate remedy.
✔✔An offer remains open for the time period specified or, if no time is stated, for a: -
✔✔reasonable period of time.
✔✔Generally, an offer may be terminated at any time before it is accepted, subject to
the following exceptions: - ✔✔1. Option Contract - contract that binds offeror to keep an
offer open for a specified time
2. Firm Offer - a merchant's irrevocable offer to sell or buy goods in a signed writing
ensures that the offer will not be terminated for up to three months
3. Statutory Irrevocability - offer made irrevocable by statute
4. Irrevocable Offer of Unilateral Contract - a unilateral offer may not be revoked for a
reasonable time after performance is begun
, 5. Promissory Estoppel - noncontractual promise that binds the promisor because she
should reasonably expect that the promise will induce the promisee (offeree) to take
action in reliance on it
✔✔T or F: Refusal to accept an offer does not terminate the power of acceptance. -
✔✔False
✔✔What is a counteroffer? - ✔✔A counterproposal to an offer that generally terminates
the original offer.
✔✔Death or Incompetency of either the offeror or the offeree: - ✔✔terminates the offer
✔✔T or F: Destruction of Subject Matter of an offer terminates the offer. - ✔✔True
✔✔Subsequent Illegality of the purpose or subject matter of the offer
____________________ the offer. - ✔✔terminates
✔✔What are the requirements for acceptance of an offer? - ✔✔Positive and
unequivocal expression of a willingness to enter into a contract on the terms of the offer.
✔✔What is the mirror image rule? - ✔✔Except as modified by the Code, an acceptance
cannot deviate from the terms of the offer.
✔✔What is the general rule for communication of acceptance? - ✔✔Acceptance
effective upon dispatch unless the offer specifically provides otherwise or the offeree
uses an unauthorized means of communication.
✔✔The communication of acceptance must conform to the
__________________________ in the offer - ✔✔specification
✔✔The Restatement and the Code provide that unless the offer provides otherwise,
acceptance is authorized to be in: - ✔✔any reasonable manner
✔✔Unauthorized Means acceptance is effective when received, provided that: - ✔✔it is
received within the time within which the authorized means would have arrived.
✔✔T or F: The first communication received by the offeror is effective. - ✔✔True
✔✔Defective Acceptance does not create a contract but serves as a: - ✔✔new offer
✔✔Duress is defined as: - ✔✔wrongful or unlawful act or threat that overcomes the free
will of a party.
