Contract Quizz

[jeffjoe]

What is BFE and how does it relate to consideration?

[Dicta]

Bargained-for-exchange
There must be a BFE for there to be a contract.
Someone must provide or do without something in exchange for another's promise or action to give/do without.....That is consideration....
ok, now you see why I am going to bomb! 

[jeffjoe]

Prof said BFE is the heart of the consideration.  equates to quid pro quo.  an exchange of things that both parties want.



In an auction, what is the offer and what is the acceptance?

[Dicta]

ok, so then I am correct? 
In an auction I believe it depends upon whether or not there is a reserve? Anything goes until the hammer comes down. Remember that part. I guess offer is the bid and acceptance is the hammer down....
quote author=jeffjoe link=topic=1127.msg6999#msg6999 date=1102346714]
Prof said BFE is the heart of the consideration.  equates to quid pro quo.  an exchange of things that both parties want.



In an auction, what is the offer and what is the acceptance?

[jeffjoe]

In auction held "without reserve," the opening of bids by an auctioneer constitutes a firm offer, as opposed to an invitation to make an offer;

AMJUR AUCTIONS § 23

An auction with reserve, the bid is the offer.  Acceptance is drop of the hammer.

An auction without reserve, the opening of bids is the offer and the bid is acceptance, contingent on no higher bid.

[jeffjoe]

What section of UCC contains the mirror rule?

[Dicta]

The mirror image rule is common law? 

[jeffjoe]

The mirror image rule is common law? 

Yep, but how does UCC deal with it?

[Dicta]

ummmm acceptance must mirror the offered terms or there has been a modification to the contract thus rendering the first one void?
Hell, I don't know! 

[jeffjoe]

It's a trick question.