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2012-05-31 10:13:28
UNT BLAW3430 ch9 11 BLAW

Rough review over chapters 9 through 11 for the final exam
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  1. What are the requirements of a contract?
    • mutual assent
    • consideration
    • legality of contract objective
    • capacity of parties
  2. What is an unenforceable contract?
    a contract that is not in writing when it should have been
  3. What is the promissory estoppel?
    • promissee reasonably relied on promise
    • reliance was substantial
  4. What is a quasi contract?
    • - recipient is aware of benefit received
    • - kept benefit

    no, real contract, but one party thinks there is a contract and gave up sth of value
  5. What are the 2 parts of mutual assent?
    • offer
    • acceptance
  6. Assent must be:
    • serious (perceived as serious)
    • voluntary
    • knowingly
    • made with competence
  7. What are the 3 requirements for an offer?
    • serious and objective intent
    • terms must be reasonably definite or ascertainable
    • must be communicated to offeree
  8. How can an offer be terminated by the parties?
    offeror: revocation

    offeree: rejection, counter offer, acceptance
  9. When are offers, revocations, rejections, counter offers, and acceptances valid?
    • acceptance: as soon as sent ("mail box rule")
    • all others: as soon as received
  10. What is the mirror image rule?
    acceptance has to have exact terms as offer
  11. How can an offer be terminated by law?
    • lapse of time
    • destruction of objective
    • death or incompetency of one of the parties
    • offer becomes illegal
  12. What are the requirements of a valid acceptance?
    • voluntary
    • timely
    • made by person to whom offer was made
    • w/out condition or exception
  13. When is silence regarded as acceptance?
    prior agreement that silence means acceptance


    parties are merchants and offeree has not replied within 10 days of offer
  14. What are the means an acceptance can be sent?
    • common law: same or faster means as offer
    • UCC: reasonable means
  15. When is a contract void?
    • physical threat is used to get acceptance
    • fraud in execution (deceit as to document signed)
    • involves person under guardianship
  16. When is a contract voidable?
    • threat (not physical) is used to get acceptance
    • undue influence
    • fraud in inducement (false representation of material fact made w/ intent to deceive, but victim had justifiable reliance)
    • mutual mistake
    • palpable unilateral mistake
    • involves minor, person w/ mental illness or defect, person under influence of prescribed meds