Cheat Sheet
Cheat Sheet:
Note: UCC governs the sale of goods; NOT SERVICES
Offer+acceptance+consideration=contract
Four types of contracts:
1. consideration: when you have a contract for a bargained for exchange where the promisor receives a benefit to the promisee’s detriment; note: benefit/detriment has to induce the promise
2. moral obligation: promise+antecedent benefit (rare)
3. promissory estoppel: a contract exists when a person reasonably relies upon a promise to his detriment
4. form: some contracts are valid only by form.
What is a promise? A statement that something will or will not happen in the future.
Parol Evidence Rule
A contract that is completely integrated cannot be supplemented with prior written or oral agreements
Completely integrated: an agreement that the parties intended to be final on the terms provided
UCC: Doesn’t really believe in the parole evidence rule but for instances of sales contracts where the terms aren’t completely finalized, other evidence can be presented to supplement the original agreement.
Bargain Theory (Consideration):
Offer: a manifestation of intent to bargain (creates a power of acceptance for the offeree)
Ads does not constitute acceptances unless there is a specific method of acceptance
If a reasonable person believes there is a contract, there is a contract regardless to secret intent.
Social engagements are not meant to be binding
Legal obligation is not meant to pick up the slack for a moral or ethical obligation
Fixed-purpose test: There is no offer when the offeree knows that the offeror did not intent there to be.
Where there is a clear, definite, and explicit offer, it will be a contract upon acceptance.
An offer is irrevocable once it has been accepted
One can revoke an offer the same way it was originally published
Test: when do you have an offer?
Would a reasonable person believe that an offer had been made?
Was the language indicative of an offer being made?
How many people was the offer made to?
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Note: UCC governs the sale of goods; NOT SERVICES
Offer+acceptance+consideration=contract
Four types of contracts:
1. consideration: when you have a contract for a bargained for exchange where the promisor receives a benefit to the promisee’s detriment; note: benefit/detriment has to induce the promise
2. moral obligation: promise+antecedent benefit (rare)
3. promissory estoppel: a contract exists when a person reasonably relies upon a promise to his detriment
4. form: some contracts are valid only by form.
What is a promise? A statement that something will or will not happen in the future.
Parol Evidence Rule
A contract that is completely integrated cannot be supplemented with prior written or oral agreements
Completely integrated: an agreement that the parties intended to be final on the terms provided
UCC: Doesn’t really believe in the parole evidence rule but for instances of sales contracts where the terms aren’t completely finalized, other evidence can be presented to supplement the original agreement.
Bargain Theory (Consideration):
Offer: a manifestation of intent to bargain (creates a power of acceptance for the offeree)
Ads does not constitute acceptances unless there is a specific method of acceptance
If a reasonable person believes there is a contract, there is a contract regardless to secret intent.
Social engagements are not meant to be binding
Legal obligation is not meant to pick up the slack for a moral or ethical obligation
Fixed-purpose test: There is no offer when the offeree knows that the offeror did not intent there to be.
Where there is a clear, definite, and explicit offer, it will be a contract upon acceptance.
An offer is irrevocable once it has been accepted
One can revoke an offer the same way it was originally published
Test: when do you have an offer?
Would a reasonable person believe that an offer had been made?
Was the language indicative of an offer being made?
How many people was the offer made to?
The