applicability of UCC contracts for the sale of moveable goods unilateral contract promise made in exchange for complete performance bilateral contract promise made in exchange for another promise or performance mutual assent offer and acceptance offer a commitment, containing definite terms, communicated to an identified offerree acceptance unequivocal assent to terms of an offer; [CL] committment, communicated the righ t way, mirroring terms of the offer; [UCC] definite and seaonable expression of acceptance communicated by any reasonable medum [CL] acceptance a committment, communicated the right way by the offeree, to the exact terms of the offer, effective upon dispatch [UCC] acceptance a committment by the offeree, communicated in a reasonable way to the offeror mailbox rule an acceptance, post-paid and properly addressed, is effective upon dispatch rejection refusal of offer by offeree; effective upon receipt revocation withdrawal of offer by offeror; must occur before valid acceptance made; effecti ve upon receipt counter offer [CL] additional or varying terms of the original offer; functions as rejection o f original offer option contract contract formed when consideration is paid to keep offer open for a longer perio d of time; irrevocable for time specified or a reasonable time if none specified merchant's firm offer [UCC] a signed wriitng by a merchant stating the offer; irrevocable for time sta ted or reasonable time if none stated but in no event longer than 90 days withou t consideration offer supported by detrimental reliance offer irrevocable when there is sufficient reliance to justify application of th e doctrine of estoppel consideration the bargained-for exchange of legal detriment forbearance to sue forbearance to do something one is or reasonably believes is legally entitled to do may be consideration pre-existing duty rule a promise to perform (or refrain from performing) something one is already oblig ated to perform (refrain from performing) is not consideration illusory promise promisor may elect to perform or not; not consieration moral obligation not consideration unless bargained for promissory estoppel reasonable, foreseeable, and detrimental reliance on the promise can substitute for consideration capacity to contract if one party is lacking capacity to contract (an infant, mentally infirm), the c ontract is voidable by the incapacitated party duress coercive force used to threatened to induce consent; personal duress - contract voidable by coerced party; economic duress - no defense unless other party is ca use undue influence over-persuasive pressure by one party against another misrepresentation fraud in the inducement - contract void; fraud regarding subject matter renders voidable by innocent party unilateral mistake mistake by one party regarding material matter - contract voidable by mistaken p arty if other knew or should have known of mistake mutual mistake common mistake by both parties about a material matter of the contract of which neither party assumed the risk- voidable by either party unconscionability unfair advantage taken by one party over another; court may take any reasonable action to render contract fair illegality subject matter of contract illegal prior to contracting - void; purpose of contr act illegal - voidable by innocent party statute of frauds certain contracts must be in writing to be valid one year provision (SoF) contracts which cannot be completely performed within one year of formation must be in writing full performance exception (SoF - 1yr rule) any possibility, no matter how unlikely, that performance can be completed withi n 1 year removes contract from SoF sale of goods contracts (SoF) contracts for the sale of goods $500 or more fall within the SoF special rule for merchants ($500, SoF) merchant's confirmatory memo not obejcted to within 10 days satisfies SoF other exceptions (goods $500+, SoF) (1) specially manufactured goods where manufacturing has begun; (2) tender and a cceptance of goods; (3) pre-payment suretyship contracts (SoF) collateral promises to answer for the debt of another must be in writing main purpose rule (suretyship, SoF) promise to answer for the debt of another need not be in writing if promisor mot ivated by a desire for advantage or benefit real property contracts (SoF) contracts for the sale of land or buildings part performance doctrine (real property, SoF) possession of the land and partial payment or improvement to it satisifes the So F sufficient memo (SoF) (1) identity of the parties; (2) subject matter; (3) time for performance; (4) p rice; (5) signed by party against whom it will be enforced modification requirements [CL] mutual agreement and consideration [UCC] good faith sufficient accord and satisfaction when good-faith dispute regarding duty, agreement to a substitute performance fo r the disputed one (accord) and performance of the substitute (satisfaction) dis charge original debt parol evidence rule no evidence of any prior oral or written, or contemporaneous oral negotiations m ay be entered to vary or contradict the terms of an integrated writing integrated writing (PE) final and complete expression of the agreement exceptions to parol evidence rule evidence of duress, clarification of ambiguity, mistake, fraud, oral condition p recedent, illegality, lack of consideration express condition present in the writing; must be completely performed implied condition implied-in-fact: reasonable expectation of parties implied-in-law: order of performance when not specified constructive condition interpreted from relative performance of the parties; need only be sustantially performed satisfaction of contracting party must rest on good-faith evaluation satisfaction of 3rd party must be good-faith and neutral; evidence of bad faith is admissable to excuse th e condition wrongful prevention interference with event or failure to act when required; excuses condition waiver and estoppel waiver of condition by party entitled to it is permissible; may be withdrawn or midified unless other party reasonably, foreseeably, and detrimentally relied on waiver relief from forfeiture courts may excuse failure of express condition if would induce disproportionate forfeiture anticipatory repudiation postive statement to the promisee before performance is due, that the promisor w ill not or cannot substantially perform voluntary disablement anticipatory breach by actions rather than words substantial performance incomplete performance so nearly equivalent that it would be unfair to deny the performer the agreed-upon return performance; subject to promisee's right to rec over for value of performance left undone divisibility each party's performance capable of division into 2 or more segments and each ha s the same number of performances impossibility supervening unforeseen event of which neither party accepted the risk renders pe rformance objectively impossible; excuses performance impracticability supervening unforeseen event of which neiher party accepted the risk renders per formance as writtn impossible for these particular parties; if temporary, duties suspended until event is over frustration supervening unforeseen event defeats the underlying purpose of at least still pa rtially executory contract; excuses performance anticipatory breach and options breach by anticipatory repudiation; non-breaching party who has not completely p erformed may sue for breach immediately or wait for time of performance due minor breach defect in non-material aspect of performance material breach breach of material aspect of performance; discharges duty of performance by non- breaching party liquidated damages damage amounts expressly agreed to in contract requirements for valid liquidated damage clause (1) amount of actual damage for breach would be difficult to determine; (2) amou nt agreed to is reasonable; (3) intent is to provide for damages, not penalty effect of liquidated damages clause is recovery if clause is valid damage calculation: employment contracts [employer breach] salary for rest of term + incidental - mitigation; [employee b each] cost of obtaining substitute performance damage calculation: sale of goods [seller] (1) resale; (2) market price; (3) lost profit [buyer] (1) cover; (2) market price; (3) breach of warranty recovery damage calculation: sale of realty (1) restitution; (2) contract - market price damage calculation: construction [contractor] expectation + consequential + incidental- mitigation [buyer] cost to complete + consequentail + incidental - mitigation consequential damages foreseeable damages resulting from breach reliance awarded as recovery to return non-breaching party to position before contract restitution recovery awarded for benefit conferred to other parrty quasi-contract equitable remedy whereby non-breaching party is awarded value of benefit conferr ed measure of recovery value of benefit conferred specific performance equitable remedy used when breach of performance and monetary damages insufficie nt reformation equiatable remedy used to alter contract writing to conform to actual agreement recission equitable remedy to remove parties' obligations to each other intended TP beneficiary named in contract (expressly or by reference) to whom performance directly runs, having a relationship with the promisee which supports the benefit incidental TP beneficiary not named in the contract, indirectly benefitting; no rights under contract creditor beneficiary pre-existing obligation owed by promisee which contract is being used to satisy all or part of donee beneficiary performance is a gift; no rights against promisee vesting rights become TPB's when learn of promise and take some action indicating assent to it vesting effect TPB can enforce rights against promisor as exist at time of vesting elements of assignment (1) description of rights and (2) words of present transfer effect of assignment terminates rights of assignor and transfers to assignee limitations on assignment may not assign if: prohbited by law or if assignment materially: increases other party's risk, changes other party's duty, impairs other party's chance of obtai ning return performance revocability of assignment assignment revocable until vested elements of delegation (1) identity of delegate, (2) consideration effect of delegation if consideration, delegate is primarily responsible for performance of delegated duty; delegator is surety in any event limitations on delegation may not delegate if: (1) prohibited by law; (2) prohibited by contract clause; ( 3) personal duties unless obligee consents bona fide purchaser for value if a party pays fair value for property and without any notice of defects in tit le, the property is rightfully theirs. expectation damages designed to put the non-breaching party in the position it would have been in if the contract had been performed. expectation damage calculation standard remedy + incidental damages + consequential damages - mitigation breach a failure to perform or poor performance of a matured duty lost volume recovery rule if there is (1) large inventory and (2) large demand for the product, the seller may recover the profit lost on a breached sale