Answer Key
Contracts
Fall 1991
Question 1 33 pts
Offer/Acceptance -- Characterization of Martha's Promise
"I will stand good" -- interpretation problem 3 pts
Unilateral/bilateral 4 pts
seeking performance?
bias toward bilateral interpretation
guaranty as a unilateral
Acceptance 3 pts
need for acceptance in bilateral
acceptance by silence (follow up letter)
need for acceptance in unilateral
forebearance constituting acceptance
Revocation/Certainty 5 pts
unclear how long forebearance required
Bill had mentioned the Christmas selling season
Effect on revocation
in unilateral, common law would
make the offer revocable until
performance complete
restatement would cause the
unilateral to become an option K
Consideration
return promise/performance 3 pts
forbearance from asserting claim against Bill
may have been in bank's best
interest anyway
actual motivation of bank not a factor
form of exchange controls
return promise/performance rendered to Bill 3 pts
Promise/performance can be rendered to any party
so long as sought by the promissor
Remedy
Expectancy measure 3 pts
Analysis of the promise
30,000 (what Bank would get if promise fulfilled)
Reliance measure 4 pts
