Contract Quizz

[Dicta]

Yeah, it's not in the UCC is it Ms. Hogan.......

[jeffjoe]

It's a trick question.  How does the UCC deal with it?

[Dicta]

ummmmmm I don't know...could you enlighten me?

[jeffjoe]

It abolishes the mirror rule.

[Dicta]

ok, I knew that. I thought you were looking for its parallel in the UCC.
I hate contracts......

[jeffjoe]

You have to read the question.  I asked how it handled it.  I told you it was a trick question.



1) What will the court not do with consideration?

2) When are letters of intent a good idea?

[Dicta]

the court will not place a value on consideration

letters of intent are a good idea when terms are vague (i don't know)
should I be looking this up before I answer?

[jeffjoe]

No, don't look it up before you answer. 


Courts will not judge the value of consideration.  It is enough that it was bargained for.

letters of intent are poison according to prof.  they may say letter of intent, but they may consitute a contract and really are not needed.

[Dicta]

how is acceptance of a bilateral contract determined?

[jeffjoe]

how is acceptance of a bilateral contract determined?

by promise.