S.O.U.N.D. Advice for Contracts Exams:
Read the exam carefully to spot where the offer and acceptance take place, and be able to differentiate between pre-contractual negotiations and offers. Remember: A party negotiating the terms of a contract is free to end the negotiations and not be subject to liability. Thus, a party who relies on an offer (prior to accepting the offer), or who relies on a belief that negotiations will ultimately result in a contract, has no cause of action if the offer is revoked before acceptance, or if no contract is ultimately agreed to. Some exceptions to this rule are if unjust enrichment results, or there is a misrepresentation during negotiations, or one party breaches its promise to negotiate in good faith.
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