Exam Three Study Guide

Chapter 7

Is a promise by itself legally enforceable?

What two elements are needed to prove that a contract existed?

What is the definition of a merchant under the UCC?

What types of contracts does the UCC apply to?

What are the three requirements of an implied contract?

Executory v. Executed Contracts

When can an offer in a unilateral situation be revoked?

Void v. Voidable Contracts v. Unenforceable

Void –

Voidable –

Unenforceable –

What are the requirements for a valid offer?

What statements are not really offers?

How are advertisements unique?

Who is the offeror in an auction? What does it mean to be sold “with reserve”? Without reserve?

When do offers terminate?

  • Is an inquiry a counteroffer?

What is the mirror image rule? UCC 2-207

What is an options contract and why is it unique? UCC § 2-205 firm offers

What constitutes acceptance?

  • Bilateral Contract?
  • Unilateral Contract?
  • Mailbox Rule –
  • Cyber Based Acceptances – know click-on agreement and shrink-wrap agreement
  • Can silence constitute acceptance?

What terms are essential to have in a contract?

*Lack of one of these does not automatically make a contract void* - sometimes courts will fill in missing terms

What is an outputs contract?

What is a requirements contract?

Duty to Act in Good Faith:

Chapter 8 Consideration

What constitutes consideration and why consideration is needed?

Promises?

Refraining from action?

Courts do not generally concern themselves with adequacy of consideration. What is the exception to this rule?

What agreements lack or may lack consideration?

What is an exception to the preexisting duty rule?

UCC 2-209:

Promissory estoppel:

Additional Agreements that Constitute Consideration:

  1. Mutual Rescission –
  2. Novation –
  3. Accord and Satisfaction –
  4. Release –

Chapter 8 Capacity

Why does it matter if a party to a contract is a minor?

Is a contract entered into by a minor voidable?

What is the significance of a contract for necessities in the context of a minor?

Do minors have to make restitution?

What if a minor lies about their age? Is the contract still voidable?

What is ratification?

What happens if a party to a contract was intoxicated at the time of formation?

What if they understood the consequences?

Mental Incompetence of a party to a contract

When is the contract void?

Voidable?

Fully Enforceable?

Chapter 8 Legality

What happened in cases of illegal subject matter?

Mistake of fact?

Additional subject matter that is legal?

Only one party is doing something illegal?

Contracts in the restraint of trade must be:

What is an unconscionable contract?

What is an adhesion contract?

What is procedural unconscionability?

What is substantive unconscionability?

What is an exculpatory clause?

Chapter 9 Statute of Frauds

What contracts must be in writing to be enforceable for a contract to exist?

What about guarantors that receive an economic benefit?

What exceptions exist to the Statute of Frauds?

  • UCC 2-201 –

What is the parole evidence rule?

What are the exceptions to the parole evidence rule?

Subsequent modification –

Chapter 9 Assent and Defenses

What is the legal significance of a mutual mistake?

What is the legal significance of a unilateral mistake?

Do courts generally consider mistakes of:

What are the legal elements needed to prove fraud/misrepresentation?

How about negligent misrepresentation?

What is the effect of innocent misrepresentation?

What is duress? Three Types

What is undue influence?

Chapter 7:

  1. Carlill v. Carbolic Smoke Ball Co.
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings
  1. Lucy v. Zehmer
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings
  1. Roto-Lith Ltd. V. F.P. Bartlett & Co.
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings
  1. Shelton v. Oscar Mayer Foods Corp.
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings

Chapter 8:

  1. Hamer v. Sidway
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings
  1. Shields v. Gross
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings
  1. First State Bank of Sinai vs. Hyland
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings
  1. Tunkl v. Regents of University of California
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings

Chapter 9:

  1. Wright v. Wright
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings
  1. Aydin Corp v. U.S.
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings
  1. Kase v. French and French
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings

Chapter 10:

  1. Jacobs & Young v. Kent
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings
  1. Hawkins v. McGee
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings
  1. Bain v. Gillispie
  2. Facts of the Case
  1. Relevance to Class
  1. Court Findings

Exam 3 Quizlet: