contracts- general exam

Card Set Information

contracts- general exam
2010-01-03 16:57:16
taft law

exam checklist
Show Answers:

  1. approach to all contract exams
    • contract made? offer acceptance consideration
    • reason why not enforced? defenses to formation, indefiniteness, mistake, statute of frauds
    • who has the enforceable rights? third party beneficiary, assignees, delegees
    • absolute duty to perform? conditions, changed circumstances, discharge
    • if broken, what remedy?
  2. contract formed?
    need mutual assent and consideration

    • Mutual assent = offer and acceptance
    • consideration = the befenif recieved by a party promising to proform and the detriment of the person promised.
  3. consideration
    • bargain.
    • more then nominal
    • illusory?
    • honost OR reasonable of claim? ( subjective) if claimant makes mountain out of a molehill then "doubtful" but possible, but if there is no molehill to beginwith, then not consideration.MODERN RULE( the "or" versus AND)
    • already obliged to do this act?

    • also: reliance?( forseeable)
    • waiver for a non material portion of the contract.
    • promise to pay on a past or moral consideration ( promise to pay a debt barred from recovery, statute of limitations, bankruptsy?)
    • promise made under seal?
    • an accord?
  4. effective offer?
    • bargaining intent
    • definatentess of terms?
  5. acceptance?
    • intent and manner
    • unilateral v bilateral
    • manifest assent ( communicated?)
    • silence by prior agreement?
    • timeleness?
    • mailbox rule
    • revokable offer?
    • unconditional ( unconditional assent) if there are conditions ( and NOT the ucc) then works as a rejection and counter offer.
  6. reason not to enforce
    • defenses to valid contract
    • indefinatenes
    • mistake
    • misrepresentation, nondisclosure,duress and undue influence
    • unconscionability
    • lack of writing
    • lack of contractual capacity ( minors, mental incompetents)
    • illegality of of contractual purpose or consideration
  7. enforcable rights?
    • third party( 597)
    • status vesting
    • defenses
  8. assignees and delegees
    • rights assignable?
    • effect of the assignment
    • assigned to several people? priority?