Acceptance and irrevocable offers Bar Exam Flashcards - Medical Study Cards
Master Acceptance and irrevocable offers with Oncourse flashcards. These spaced repetition flashcards are designed for medical students preparing for NEET PG, USMLE Step 1, USMLE Step 2, MBBS exams, and other medical licensing examinations.
Acceptance and irrevocable offers Flashcard Deck - 10 Cards
Flashcard 1: When does an acceptance become effective under the mailbox rule, and what are its principal exceptions?
Answer: Under the majority mailbox rule, an acceptance is effective when properly dispatched, unless the offer requires receipt, the acceptance is sent after a prior rejection, or the offer is an option contract. For an option contract, acceptance generally becomes effective only upon receipt.
Flashcard 2: What is the common-law mirror-image rule, and what is the effect of a nonconforming response to an offer?
Answer: Under the majority common-law rule, acceptance must match the offer’s terms exactly; a response adding or changing terms is generally a counteroffer, not an acceptance. A mere inquiry or request that does not condition assent on the new term is not a counteroffer.
Flashcard 3: Compare and contrast the requirements for a common-law option contract, a UCC firm offer, and reliance-based irrevocability under Restatement § 87(2).
Answer: A common-law option contract requires consideration for the promise to keep the offer open. A UCC § 2-205 firm offer requires a signed writing by a merchant, giving assurance that the offer will be held open for the purchase or sale of goods; no consideration is required, and the irrevocable period cannot exceed three months (a longer stated period is effective only for three months unless supported by consideration). Restatement § 87(2) makes an offer temporarily irrevocable when the offeror should reasonably expect it to induce substantial action or forbearance before acceptance, it does induce that reliance, and enforcement is necessary to avoid injustice.
Flashcard 4: In a gift promise scenario where the promisee incurs a detriment in reliance but confers no benefit on the promisor, what is the most likely basis for recovery, and what is the typical scope of the remedy?
Answer: Promissory estoppel, assuming a clear promise and foreseeable, reasonable, detrimental reliance; enforcement must be necessary to avoid injustice. Because the promisee conferred no benefit on the promisor, restitution is generally unavailable. The remedy is flexible and limited as justice requires—often reliance damages, although expectation damages are not categorically barred.
Flashcard 5: What are the requirements for forbearance to serve as consideration?
Answer: Forbearance can be consideration if the promisee refrains from exercising a legal right, the promisor seeks that forbearance in exchange for the promise, and the underlying claim is valid, doubtful, or honestly and reasonably believed to be well-founded.
Flashcard 6: Under Restatement (Second) of Contracts §90, what are the five elements required to enforce a promise based on promissory estoppel, and what is the typical remedy?
Answer: The five-part formulation is: 1) a promise; 2) the promisor should reasonably expect the promise to induce action or forbearance by the promisee (or another person); 3) the promise actually induces such action or forbearance; 4) the reliance is reasonable and detrimental; and 5) enforcement is necessary to avoid injustice. Under Restatement (Second) of Contracts §90, the remedy is limited to what justice requires. Reliance damages are commonly awarded, but the remedy is not categorically restricted to reliance damages; expectation or other relief may be appropriate in some cases.
Flashcard 7: Under Article 2, what is the effect of a definite acceptance that includes an additional term?
Answer: Under UCC § 2-207, a definite and seasonable acceptance forms a contract despite additional or different terms, unless expressly made conditional on assent to those terms. Between merchants, an additional term becomes part of the contract unless the offer limits acceptance to its terms, the term materially alters the bargain, or timely objection is made; otherwise, it is merely a proposal.
Flashcard 8: List three key terms from Article 2's formation and gap-filling rules.
Answer: Any three of the following are acceptable: merchant; definite and seasonable expression of acceptance; expressly conditional acceptance; additional term; different term; conduct recognizing a contract; output contract; requirements contract; reasonable price; reasonable time; seller’s place of business; single delivery; merchant confirmation.
Flashcard 9: Under UCC Article 2, what is the effect of a 'no oral modification' (NOM) clause, and how can an attempted oral modification still be relevant?
Answer: Under UCC §2-209(2), a signed agreement that excludes modification or rescission except by a signed writing is effective. However, under §2-209(4), an attempted modification that does not satisfy the writing requirement can still operate as a waiver.
Flashcard 10: What is the primary difference in consideration requirements for contract modifications under common law versus UCC Article 2?
Answer: Under common law, a modification ordinarily requires new consideration. Under UCC Article 2, an agreement modifying a contract for the sale of goods needs no consideration, but must satisfy good faith.
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