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Contracts Cheat Sheet

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Offer:
Acceptance:
Consideration:
A promise is illusory if it can be retracted at anytime by the promisor.
PER Parol Evidence Rule
Evidence of a consistent additional term is admissible to supplement an integrated agreement unless
the court finds that the agreement was completely integrated. An agreement is not completely
integrated if the writing omits a consistent additional agreed term which is agreed to for separate
consideration.” See Rs. 2d § 216 (1), (2)(a). “Where there is a binding completely integrated
agreement, even consistent additional terms are superseded if they are within the scope of the
agreement. A separate contract, not covered by the integrated agreement, is not superseded.”
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