Law School Exam Questions with Correct Answers

Law School Exam Questions with Correct Answers Offer - Answer-1) Manifestation of Present contractual intent 2) is comprised of a promise 3) Bargains for an act, a forbearance to act, or a return promise to be given in exchange Acceptance - Answer-1) unequivocal assent (Note: CL must be mirror image, Under UCC must be made in any reasonable manner) Consideration - Answer-1) That which is bargained for and given in exchange for a promise 2) an act, a forbearance to act, or a return promise Mail Box Rule (Adams v Lindsell) - Answer-1) acceptance of an offer for a bilateral contract 2) dispatched by an authorized mode of transportation 3) effective when posted. Option - Answer-1) supported by consideration 2) promise to hold an offer open for a specified length of time (Contract within contract dealing) Firm Offer - Answer-1) Offer is irrevocable pursuant to U.C.C. section 2-205, 2) Offer given in writing by a merchant that offer will stay open for a set number of days or reasonable leangth of time Revocation - Answer-1) making void an offer (by the offeror) Mail Box Rule (Revocation) - Answer-1) majority of jusrisdictions hold that a revocation is effective upon reciept upon the offeree 2) under a minority view revocation is effective when sent the offeror Rejection - Answer-1) manifestation by the offeree 2) that he or she does not intend to accept the offer Mail Box Rule (rejection) - Answer-1) rejection becomes effective when received 2) upon receipt by the offeror Counter offer - Answer-1) Offer by Original Offeree 2) regarding same transaction 3) offers new terms or different terms 4) Is an implied rejection and creates a new offer Illusory Promise - Answer-1) expression resembles promissory terms 2) terms actually impose no obligation Promissory Estoppel - Answer-1) Substitute for consideration 2) foreseeable detrimental reliance upon gratuitous promise 3) necessary in order to avoid injustice