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Law Review

In: Business and Management

Submitted By paulineta11
Words 434
Pages 2
Law Review #3
Dr. Chris Hamilton
1. What is the “Mirror Image Rule?” At common law, what is the result of breaking it? How does this relate to “Revocations?” How does the UCC change the rule?
2. What is the difference between “Bilateral” and “Unilateral” contracts? Give an example of each.
3. Unilateral contract offers: When can you not revoke your offer, even though it has not yet been accepted?
4. Explain what “Firm Offers” are, and how they work. What kind of consideration is necessary?
5. Define what “option contracts” are, and how they work
6. Define, and show the differences between “Impossibility” and “Economic Frustration” (Commercial Impracticability)
7. Define “consideration.” What four things might be consideration?
8. What is “Good Consideration?” Give an example. Is it always necessary to have it in contracts?
9. A minor’s contract is generally voidable, except where the contract is for “_______.” Give an example.
10. Explain what an “Illusory” promise is. What are the two reasons why they will fail?
11. What is “privity” of contract? Explain how the following four work: 3rd Party Beneficiary Contracts, Assignments, Delegations, Novations
12. Define the following: Express contracts, implied contracts by the facts, implied contracts by the law (e.g., “Quasi” Contracts)
13. Define, and show the difference between the following contracts: Valid, void, voidable, and unenforceable
14. When is an insane person’s contract ... Void? Voidable?
15. Define “Duress” in a contract
16. Define “Undue Influence” in a contract. How does persuasion differ from Undue Influence (if it does)?
17. Name 3 things that must be in writing under the Statute of Frauds rule.
18. Name three more things that have to be in writing under the Statute of Frauds rule
19. Regarding the S/F’s “promise to answer for the

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