Core contract law rules and doctrines (public-domain black-letter law) tested on the bar exam.
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- What is an offer?
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A manifestation of willingness to enter into a bargain, made so as to justify another person in understanding that their acceptance will conclude the contract.- What is acceptance?
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A manifestation of assent to the terms of an offer made by the offeree in a manner invited or required by the offer.- What is consideration?
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Something of value bargained for as the price of a promise, consisting of either a benefit to the promisor or a detriment to the promisee.- Why is past consideration generally invalid?
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Past consideration was not bargained for and exchanged as the price of the promise at the time the promise was made.- What is the mailbox rule?
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An acceptance is effective upon dispatch by the offeree, even if it arrives late or not at all, provided the manner of dispatch was invited by the offer.- How many ways can an offer terminate?
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By rejection, counter-offer, lapse of time, revocation, or death or incapacity of the offeror or offeree.- Can an offeror revoke an offer after the offeree accepts it?
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No, once acceptance occurs, the contract is formed and the offeror can no longer unilaterally revoke.- What is the statute of frauds?
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A law requiring certain contracts to be in writing to be enforceable.- Name four categories of contracts within the statute of frauds.
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Sales of land, promises to pay another's debt, marriage, and contracts not performable within one year from formation.- What is the effect of a contract violating the statute of frauds?
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The contract is voidable by the party against whom enforcement is sought, not void.- What is mutual mistake in contract law?
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A shared common misunderstanding by both parties about a material fact affecting the contract, which may make it voidable.- When is unilateral mistake a valid defense?
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Generally only when the other party knew or should have known of the mistake.- What is fraud in the inducement?
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A misrepresentation of fact by one party that is material, relied upon by the other, and causes damage; makes the contract voidable.- What is duress?
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Unlawful pressure or threat that induces a party to enter a contract against their free will, making the contract voidable.- What is undue influence?
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Improper pressure exerted by one party on another, typically where a confidential or fiduciary relationship exists; makes the contract voidable.
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