CRR Exam 2 Contracts Exam 2024

what makes a contract irrevocable? - option contract detrimental reliance what is an option contract? - offeror promises to hold offer open for a special period in exchange for consideration what is determinantal reliance (promissory estoppel)? - 1. If Person A reasonable relies on 2. Person's B promise 3. In a way that causes Person A harm, then 4. Person B is estopped form not fulfilling the promise (Person B has kept the promise) what is partial performance? - form of detrimental reliance plaintiff relied on defendant's promise and partially completed their promise quasi contract vs. detrimental reliance - quasi = unjust enrichment detrimental reliance = harm to plaintiff because they relied on promise what is rejection? - expressly or impliedly communicating intent not to accept once an offer is rejected, it cannot be accepted - IT IS OFF THE TABLE when is a rejection effective? - when the rejection is received what happens when an offer is rejected, but then later accepted? - it is a NEW offer is inquiring about the offer a rejection? - no what are some examples of inquiring about an offer? - "will you take less?" "i wanted to inquire abut this section of the contract" "would you consider" key word is negotiations what is a counteroffer? - a rejection and new offer at the same time when is counteroffer effective? - when it is received what is the difference in counteroffer for common law and UCC? - common law - real estate, services, intangibles UCC - sale of goods Mirror Image Rule for common-law UCC = acceptance can include minor modifications what is mirror image rule? - the acceptance term's must match exactly the offer's terms what is an example of mirror image rule? - "I will give you the job starting January 1st, 40 hours a week, $65k a year." "I accept, but can I start on January 2nd" THIS IS NOW A COUNTEROFFER BC THE ACCEPTANCE TERMS DID NOT MATCH THE OFFER TERMS can a offer be terminated because of a lw? - yes, automatically does silence constitute acceptance? - no bc I could be ignoring you, I could be deaf, many reasons why I could not have responded to you acceptance what constitutes as acceptance? - must be by conduct what is the mailbox rule? - the acceptance is effective when sent, does not matter when it is received what are the exceptions to the mailbox rule? - 1. if offer specifies acceptance has to be received by a deadline 2. if offeree sends a rejection then sends an acceptance, whichever is received first is effective what is consideration? - the value given in return for a promise, must have legal sufficiency and bargained-for exchange what is legal sufficiency? - the consideration must be a legal detriment to promiser what is legal detriment? - giving something one was under no prior legal obligation to do not to do something one had the legal write to do what is bargained-for exchange? - 1. the promisee's legal detriment must have induced the promisor to make his promise 2. the promisor's promise must have induced the promisee's legal detriment will courts look for adequacy of consideration? are there any exceptions? - no! exception: unless court has reason to believe fraud, duress undue influence, or limited capacity is involved what are not considerations? - preexisting duty