What is the "objective theory of contracts" and how does it work?
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The objective theory of contracts holds that an agreement between
parties is legally binding if, in the opinion of a reasonable person who is
not a party to the contract, an offer has been made and accepted.
What are some of the forms of non-mutual offers or exchanges that are not legally
recognizable consideration?
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illusory promise, promises to fulfill a pre-existing duty, promises based on
past consideration given, forbearance
,How do counteroffers work?
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extinguishes the original offer completely
- Creates a new offer predicated on the original offer
- Original offeree - becomes a counterofferor
What is an offeree?
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A person to whom an offer is made.
What are the key requirements of offers and acceptances?
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- a present intent to be bound by the offer
- exchange of consideration
- reasonably definite terms
- communication to an intended or proper offeree
- must not have expired or been revoked
How do we treat auctions and advertisements in the law of contracts?
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, Can be binding offers for a unilateral contract from a buyer if they are
phrased in a way to give a specific benefit for a specific act
What's the difference between a bilateral and a unilateral K?
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Bilateral: becomes enforceable at the moment of exchange of promises.
Unilateral: promise (for an act) is not legally enforceable until the act is
performed
What is the courts four-part test to distinguish nominal/sham consideration:?
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(1) was the consideration bargained for? (2) was the consideration induced
by reciprocal consideration? (3) was the consideration actually paid or
exchanged? (4) were there any circumstances that suggest a fraudulent or
bad faith intent in this transaction?
In dealing with consideration in K, what is the "peppercorn theory?"
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it is not the court's job to look into the adequacy of consideration if the
parties are satisfied with the exchange
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The objective theory of contracts holds that an agreement between
parties is legally binding if, in the opinion of a reasonable person who is
not a party to the contract, an offer has been made and accepted.
What are some of the forms of non-mutual offers or exchanges that are not legally
recognizable consideration?
Give this one a try later!
illusory promise, promises to fulfill a pre-existing duty, promises based on
past consideration given, forbearance
,How do counteroffers work?
Give this one a try later!
extinguishes the original offer completely
- Creates a new offer predicated on the original offer
- Original offeree - becomes a counterofferor
What is an offeree?
Give this one a try later!
A person to whom an offer is made.
What are the key requirements of offers and acceptances?
Give this one a try later!
- a present intent to be bound by the offer
- exchange of consideration
- reasonably definite terms
- communication to an intended or proper offeree
- must not have expired or been revoked
How do we treat auctions and advertisements in the law of contracts?
Give this one a try later!
, Can be binding offers for a unilateral contract from a buyer if they are
phrased in a way to give a specific benefit for a specific act
What's the difference between a bilateral and a unilateral K?
Give this one a try later!
Bilateral: becomes enforceable at the moment of exchange of promises.
Unilateral: promise (for an act) is not legally enforceable until the act is
performed
What is the courts four-part test to distinguish nominal/sham consideration:?
Give this one a try later!
(1) was the consideration bargained for? (2) was the consideration induced
by reciprocal consideration? (3) was the consideration actually paid or
exchanged? (4) were there any circumstances that suggest a fraudulent or
bad faith intent in this transaction?
In dealing with consideration in K, what is the "peppercorn theory?"
Give this one a try later!
it is not the court's job to look into the adequacy of consideration if the
parties are satisfied with the exchange
