LEGL 2700 ROESSING EXAM 4 2026 REVISION
NOTES AND STRUCTURED LEGAL STUDIES
OVERVIEW GUIDE
◉ Sources of Contract Law Answer: - Common Law: precedent
- Legislation: Uniform Commercial Code
- Constitution: Contract Clause
- Business culture
◉ How do we classify contracts? Answer: Bilateral/Unilateral
Express/Implied-in-fact/Implied-in-law
◉ Bilateral contract Answer: exchange of promises
◉ Unilateral contract Answer: promise conditioned on the
performance of a future act
◉ Courts presume contracts are Answer: bilateral
◉ Express Answer: parties discuss the terms
,◉ Implied in Fact Answer: obligations inferred from actions
◉ Implied in Law Answer: An implied contract that is based on
obligations created by law.
◉ Courts apply ______ only in limited circumstances Answer: Quasi
Contracts
◉ Elements of a Contracts Answer: 1. offer
2. acceptance
3. awareness
4. consideration
5. capacity
6. legality
◉ Additional considerations of formation of a contract Answer: 1.
intent of parties to create legal relations
2. certainty and possibility of performance
3. legal formalities
◉ Offer Answer: offeror makes a specific promise and a specific
demand to offeree
,◉ Terms of the Offer Answer: 1. serious and clear commitment that
shows the willingness of the offeror to be bound
2. definite and specific contractual terms
3. determine the intended offeree
◉ _____ to make an offer, to make a commitment, willingness to be
bound Answer: Intent
◉ Intent Objective Standard Answer: measured from a reasonable
person's perspective in the position of the offeree
◉ Offers can be terminated ______ Answer: before acceptance
◉ Explicit Termination Acts Answer: 1. revocation
2. rejection
3. counteroffer
4. lapse of time
◉ Operation of Law Answer: 1. subject matter destruction
2. offeror's death or insanity
3. subject matter illegality
, ◉ Revocation Answer: offeror changes mind before acceptance
◉ Rejection Answer: offeree reject deal
◉ Counteroffer Answer: An offeree's response to an offer in which
the offeree rejects the original offer and at the same time makes a
new offer.
◉ Lapse of Time Answer: offer remains open for the time period
specified or, if no time is stated, for a reasonable period of time
◉ Subject Matter Destruction Answer: when the object of the
contract is destroyed or legally eliminated
◉ Acceptance Answer: the person receiving the promise must
accept the terms of the offer
◉ Acceptance may be _____ or _____ Answer: - express
- implied by performing a requested act
◉ Mirror Image Rule Answer: Ideal: acceptance must mirror the
offer
NOTES AND STRUCTURED LEGAL STUDIES
OVERVIEW GUIDE
◉ Sources of Contract Law Answer: - Common Law: precedent
- Legislation: Uniform Commercial Code
- Constitution: Contract Clause
- Business culture
◉ How do we classify contracts? Answer: Bilateral/Unilateral
Express/Implied-in-fact/Implied-in-law
◉ Bilateral contract Answer: exchange of promises
◉ Unilateral contract Answer: promise conditioned on the
performance of a future act
◉ Courts presume contracts are Answer: bilateral
◉ Express Answer: parties discuss the terms
,◉ Implied in Fact Answer: obligations inferred from actions
◉ Implied in Law Answer: An implied contract that is based on
obligations created by law.
◉ Courts apply ______ only in limited circumstances Answer: Quasi
Contracts
◉ Elements of a Contracts Answer: 1. offer
2. acceptance
3. awareness
4. consideration
5. capacity
6. legality
◉ Additional considerations of formation of a contract Answer: 1.
intent of parties to create legal relations
2. certainty and possibility of performance
3. legal formalities
◉ Offer Answer: offeror makes a specific promise and a specific
demand to offeree
,◉ Terms of the Offer Answer: 1. serious and clear commitment that
shows the willingness of the offeror to be bound
2. definite and specific contractual terms
3. determine the intended offeree
◉ _____ to make an offer, to make a commitment, willingness to be
bound Answer: Intent
◉ Intent Objective Standard Answer: measured from a reasonable
person's perspective in the position of the offeree
◉ Offers can be terminated ______ Answer: before acceptance
◉ Explicit Termination Acts Answer: 1. revocation
2. rejection
3. counteroffer
4. lapse of time
◉ Operation of Law Answer: 1. subject matter destruction
2. offeror's death or insanity
3. subject matter illegality
, ◉ Revocation Answer: offeror changes mind before acceptance
◉ Rejection Answer: offeree reject deal
◉ Counteroffer Answer: An offeree's response to an offer in which
the offeree rejects the original offer and at the same time makes a
new offer.
◉ Lapse of Time Answer: offer remains open for the time period
specified or, if no time is stated, for a reasonable period of time
◉ Subject Matter Destruction Answer: when the object of the
contract is destroyed or legally eliminated
◉ Acceptance Answer: the person receiving the promise must
accept the terms of the offer
◉ Acceptance may be _____ or _____ Answer: - express
- implied by performing a requested act
◉ Mirror Image Rule Answer: Ideal: acceptance must mirror the
offer
