Offer, acceptance, consideration, statute of frauds, mistake, duress, breach, and damages for first-year contracts.
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- What is an offer in contract law?
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A manifestation of willingness to enter into a bargain, made so as to justify another in understanding that his assent to that bargain is invited and will conclude it.- What are the three key requirements for a valid offer?
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Manifestation of intent to be bound, definite and certain terms, and communication to the offeree.- Distinguish an offer from an invitation to treat.
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An offer is a definite proposal inviting acceptance; an invitation to treat is an invitation to make an offer (e.g., displaying goods for sale).- What is revocation of an offer?
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The offeror's withdrawal of the offer before acceptance, which terminates the offer's power of acceptance.- Can an offer be revoked after the offeree has begun performance?
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In most jurisdictions, the offer becomes irrevocable once performance has begun, though the offeror can set a reasonable time limit for completion.- When does an offer lapse?
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An offer lapses when the specified time period expires, a reasonable time has passed, or the offeror dies or becomes incapacitated.- What is rejection of an offer?
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The offeree's refusal to accept the offer, which terminates the offer's power of acceptance.- What is a counteroffer?
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A response to an offer that proposes different material terms, which terminates the original offer and becomes a new offer.- What is acceptance in contract law?
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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.- State the mirror image rule.
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An acceptance must match the offer exactly; any change in terms is a rejection and counteroffer, not an acceptance.- How does UCC Section 2-207 modify the mirror image rule?
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Between merchants, additional or different terms in an acceptance can form a contract unless the offer expressly requires mirror-image acceptance.- Can silence constitute acceptance?
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Generally no, unless the offeree's prior conduct or course of dealing establishes that silence indicates assent.- What is acceptance by performance?
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In a unilateral contract, the offeree accepts by performing the requested act rather than by making a promise.- State the mailbox rule.
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An acceptance sent by an authorized means is effective when sent, not when received, even if the offer states acceptance is effective on receipt.- When must acceptance occur?
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Acceptance must occur before the offer terminates by lapse, rejection, revocation, death of either party, or incapacity.
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