Contracts Bar Exam Outline
Contracts IS THERE A VALID CONTRACT
1) Was a Contract Formed?
2) Is the Contract Validly Enforceable?
1. Offer
2. Acceptance
3. Consideration
4. In Writing
Contract is Void
Contract is Voidable
Making an Offer
Methods of Acceptance
Rule: Must have bargained for exchange.
may be an exchange of promises.
Illusory: only one party is bound to perform.
Past Consideration: not consideration, But may= implied in fact K.
EXCEPTION: Promissory Estoppel (reasonably relied to their detriment)
Statute of Frauds
1. Marriage
2. Year or longer services contract
3. Lease for > $1000
4. Land
5. Executor or Adminsitror
6. Goods: >$500.
7. Suretyship Exception: main purpose to benefit guarantor
8. MASS: promise to make or enforce a will must be in writing.
Requirement:
1. Writing signed by ∆
2. all material terms
UCC: must have quantity term EXCEPTION: merchants where one receives signed writing and fails to respond in 10 days.
Part Performance: 2 of 3
1. improvement to land Payment
2. Possession
1. Illegality
2. Absence of Consideration
1. Mutual Mistake: 1) basic assumption; 2) material effect; 3) party seeking avoidance did not assume the risk.
2. Duress: 1) economic; 2) no reasonable alternative;
3. Ambiguity: consider awareness of ambiguity
4. Unconscionability: unfair surprise, oppressive terms
5. Nondisclosure: concealment and fiduciary like relationship
6. Misrepresentation: false statement before the contract that induces it.
Requirements:
1) promise
2) undertaking or commitment
3) definite and certain terms (capable of being enforced)
4) reasonably understood under the circumstances as an offer.
UCC Contracts: Must include a quantity term or be an output or requirements contract.
Sale of Land: must
1) Identify the land and
2) Include price terms.
1.As provided by Offer
2. Express Acceptance: must be unequivocal.
2. Conduct a reasonable person would conclude was an
1) Was a Contract Formed?
2) Is the Contract Validly Enforceable?
1. Offer
2. Acceptance
3. Consideration
4. In Writing
Contract is Void
Contract is Voidable
Making an Offer
Methods of Acceptance
Rule: Must have bargained for exchange.
may be an exchange of promises.
Illusory: only one party is bound to perform.
Past Consideration: not consideration, But may= implied in fact K.
EXCEPTION: Promissory Estoppel (reasonably relied to their detriment)
Statute of Frauds
1. Marriage
2. Year or longer services contract
3. Lease for > $1000
4. Land
5. Executor or Adminsitror
6. Goods: >$500.
7. Suretyship Exception: main purpose to benefit guarantor
8. MASS: promise to make or enforce a will must be in writing.
Requirement:
1. Writing signed by ∆
2. all material terms
UCC: must have quantity term EXCEPTION: merchants where one receives signed writing and fails to respond in 10 days.
Part Performance: 2 of 3
1. improvement to land Payment
2. Possession
1. Illegality
2. Absence of Consideration
1. Mutual Mistake: 1) basic assumption; 2) material effect; 3) party seeking avoidance did not assume the risk.
2. Duress: 1) economic; 2) no reasonable alternative;
3. Ambiguity: consider awareness of ambiguity
4. Unconscionability: unfair surprise, oppressive terms
5. Nondisclosure: concealment and fiduciary like relationship
6. Misrepresentation: false statement before the contract that induces it.
Requirements:
1) promise
2) undertaking or commitment
3) definite and certain terms (capable of being enforced)
4) reasonably understood under the circumstances as an offer.
UCC Contracts: Must include a quantity term or be an output or requirements contract.
Sale of Land: must
1) Identify the land and
2) Include price terms.
1.As provided by Offer
2. Express Acceptance: must be unequivocal.
2. Conduct a reasonable person would conclude was an