Contracts Review

What is the short definition of a valid offer?

If the Offer seems or is Ambiguous, the ________ has a choice of Acceptance

What are the components for a valid acceptance?

Buyer-Seller is the same as Offeror-Offeree

Responsive means, "The Acceptance must appear exactly as the offer without changes."

Social Invitations and Engagements are Offers

O+A+C=K is the formula for a Valid Offer

Death Terminates a Contract

The Offeree sets the terms

O+A=Mutual Assent

What is a "good" under UCC Sec. 2?

Puffery is an Offer

Non-conforming goods are goods that are not the same as assumed by the buyer.

Advertisement is generally an Offer

Known Jokes and Jests are Offers

Generally, Statements of Opinion are Offers

Rewards are a Unilateral Offer

In Ambiguous Offers, once ___________ has started, the Offer has been Accepted

What is the governing law for "goods" called?

It is possible to enter into a Firm Merchant Offer through Oral Agreement

What happens to the Offer when one party dies?

Puffery has two conditions as a general rule, what are they?

The Medium is the Form of Acceptance

The Mailbox Rule applies to Option Contracts and Firm Merchant Offers

What are the components of a valid offer?

A person with superior knowledge who makes a statement of opinion may satisfy the committment element

The Mode is the way an Offer can be accepted (Manner)

Any reasonable manner to accept is permissible unless the Offeror stipulates otherwise

When the Code is silent, we refer to Common Law

UCC § 2 includes unborn animals.

For a Purely Unilateral Offer, Acceptance is by 100% Performance