Contracts Flashcards for Law Students

A valid contract requires: offer, acceptance, consideration, capacity, legality.

Pre-existing duty rule: performing an existing obligation is not consideration for a new promise.

Mailbox rule: acceptance effective on dispatch; rejection effective on receipt.

UCC 2-207: acceptance with additional terms is valid between merchants unless terms materially alter the deal.

Promissory estoppel (Restatement 2d Section 90): promise + reasonable reliance + injustice without enforcement.

Expectation damages: put the non-breaching party in the position they would have been in had the contract been performed.