MULTISTATE BAR CONTRACTS AND SALES – EXAM 2024
MULTISTATE BAR CONTRACTS AND SALES – EXAM 2024 How do you form a contract? - correct answer To form an enforceable contract, there must be mutual assent (offer and acceptance), consideration, and the absence of any formation or enforcement defenses. What is consideration? - correct answer 1) A bargained-for exchange that 2) has legal value. Legal value is either a benefit to the promisor or detriment to the promisee. The promise must induce the benefit/detriment and the benefit/detriment must induce the promise. There is no consideration when a party makes a gift to another. What are the exceptions to the past-consideration rule? - correct answer SOF: if past obligation is only unenforceable because of technical defense, the obligation can be enforced if a new promise made in writing or is partially performed Some courts will enforce a promise if 1) it is based on a material benefit previously conferred by the promisee on the promisor, and 2) the promisee did not intend to confer the benefit as a gift. - The 2nd Res adds: the promise is unenforceable to the extent it is disproportionate to the benefit conferred. - Modern trend is to enforce if a past act benefitted the promisor and was performed at their request or in response to an emergency
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