Contracts-Agreement and Consideration
1. In the context of an offer, how are intent and its seriousness determined?
2. Why must a contract have "reasonably definite terms" and how "definite" must the terms be?
3. Why must the offer be communi¬cated to the offeree?
4. How do parties terminate an offer?
5. What situations limit an offeror's right to revoke?
6. Who may accept an offer?
7. What is unequivocal acceptance?
8. a .In what contractual situations must acceptance be communicated?
b. In situations requiring the communication of acceptance, when and how must acceptance be com¬municated?
9. What is consideration?
10. What are the elements of consideration?
11. What is "adequacy of consideration"?
12. In the case of Hammer vs. Sidway 124 NY 538 (1891) the concept of Consideration was refined by the New York State Supreme Court. Please provide a brief of the Hammer case providing the Facts, The Law, The Holding of the Court AND your opinion of the court's decision. The brief must be at least 500 words in length.
13. a. What is a pre-existing duty?
b. Can a preexisting duty satisfy the requirements of consideration?Why or Why Not? c. What are some of the exceptions to the preexisting duty rule?
14. Discuss agreements to settle claims or discharge of debts.
15. Please review the case of Hawkins vs. McGee