MBE Contracts: The Rules of Agreement
Time for Contracts on the MBE, a crucial 25-question segment. The two giants here are Formation of Contracts and Performance, Breach, and Discharge, each typically accounting for 6-7 questions. These are your prime targets for earning points.
For Formation, focus on the classic "offer, acceptance, and consideration." Understand what constitutes a valid offer, how an offer can be terminated, and the various methods of acceptance. Consideration is key: remember it's a bargained-for exchange, not just a gift. Differentiate between unilateral and bilateral contracts.
In Performance, Breach, and Discharge, pay attention to conditions (precedent, concurrent, subsequent), material vs. minor breach, and various ways a contract can be discharged (e.g., impossibility, frustration of purpose, accord and satisfaction). Don't forget Remedies (damages, specific performance) and Third-Party Rights (beneficiaries, assignments, delegations). Your actionable step for Contracts: Create a flowchart for contract formation and another for performance and breach. Walk through hypothetical scenarios using these flowcharts to solidify your understanding of the chronological sequence of events.