EXAM REVIEW TOPICS CHAPTER 9 revoked Mailbox Rule what is it how does it work How does it work when the offer is Common law when you put your acceptance in the common carrier put in the mail box assumedly it was properly posted addressed that is the acceptance If the offer is later revote after the acceptance is put in the mail The revocation is not affective so it s weird that s kind how it works If you place your acceptance in the mail you have accepted and the revocation is not effective if you are already place your offer in the mail Elements of an offer You have to have 4 of them where in the common law You must identify the parties you must identify the time for the performance you must identify the price you must identify the subject matter in order to have a complete offer On the exam assume if it s a contract question we are at common law unless the question is specifically address to UCC General rules of communication of offers acceptance by someone other than the offeree General rules is the offer is only good as to the person who is on the other side An offer to one is unnecessary to all The offer is only communicate to the offeree and only the offeree can accept This is my friend Dan s beach house the example I give to the class is that my friend Dan and Pauli has 2 kids They went to look at the beach house The family owns the beach house really want to give it to the family that will really enjoy it so the offer that was made was made specific to Dan and Pauli for their family I couldn t jump in and trying to accept the offer cause I don t stand the same shoes as the offeree There are exceptions Sometimes advertisement can be exception This is general rule Offer to one is not necessarily to call Detrimental reliance This is when there is an offer that is made a one of the parity does sth relies on the assumption the deal was going to go through You pretty sure you have the deal to buy a vehicle And relies on that you built a garage that cost you a lot of money The offeror may be prohibitive from pulling of the offer If you have detrimentally relied if you have undertaking some task that cost you something like money or time In reliance on the fact that you thought you had the deal The offeror maybe force to go through that deal under the Detrimental reliance Legal detriment as consideration If you giving something up that you have the legal right to do like drink over the age 21 like sue someone because you have a violet tort claim If you are giving up the right to gambling on the Vegas because you are of the age of gambling in Vegas but you promised your grandmother that you won t because your grandmother hates gambling Those are consider legal detriment and they are value consideration for purpose establish of a contract relationship If you don t have the right to do something like drink before the age 21 and you gave up say alright dad I promise I won t drink until 21 That s not consideration cause that s not something you have right to do anyway So if your dad said I would give 500 if you agree of stay away from drinking under your age of 21 And you said ok and you do so And you turn to 21 and you trying to sue your dad for the 500 That s not gonna work Cause it s not a value consideration exchange for the 500 Unilateral mistake mutual mistake consequences of each Unilateral mistake only one party is mistaken this is mistake of fact Only one party is Mutual mistake both parties are mistaken as to the material fact Both parties think the thinking the caw is a bull caw is a bull If we had unilateral mistake most of the time we will be able to enforce the contract because we make the party who made the mistake responsible for the error If it s the mutual mistake most of the time we let the parties cancel the contract We do not require the parties to go through the deal because deal won t get what they are bargaining for This is different with mistaken of value Mistake of value is we have Tiffney vase for sell for 1 at the garage sell We are know is a vase there is no mistake of the item The mistake is the value The person sells it thinks it worth 1 the person who buys it knows it worth for 1000 Mistake of value would rarely lead to an excuse or the party is not perform Just the mistake of value Most of the time person who made the good deal gets the benefit of that deal Offers counteroffers acceptance rejection mirror image rule Mirror image rule says that if there is an acceptance of an offer the acceptance has to match the offer as to all terms If any of the terms are change that is not an acceptance It is a counteroffers And result is that the parties kind switch their positions And now the person who was as the offeree becomes the offeror And the offeror has the opportunely to accept the counteroffer or not This is pawn start going back forth the price of an item All of this you see are countable offers because they are changing the material term changing the price term Sometimes you can have this happen where you have two parties who are reach to sell something Someone wants to add up the term Someone wants to buy your game terrestrial But they also want your Pictionary and menially and treble pursuit That not the acceptance of your offer to sell the first game It s a counteroffer that include other items in the same price Fraudulent misrepresentation in the factum in the inducement in the execution Fraud in the factum when one of the party is completely unknowing as to the fact he s entering to a contract Hey I m in this hand writing expert class and I need you to sign this document so I can have an example of your hand writing That s all that is Just sign on the bottom of this piece of paper When you unfold the paper it s a contract to sell a vehicle That s fraud in the factum The person has no idea what he was doing is enter to a contract Fraud in the inducement parties understand they are in to a contract of some sort There are some frauds Some intentional misconduct by one of the parties to try to get the other parties to get into the deal Such as saying I m going to sell this car and I m going to give you this motorcycle to go alone with …
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