Offer
Makes the offer
Offeror
Refusal by the offeree
Rejection
What is acceptance?
Unqualified willingness by the offeree to go along with the offer
Genine Agreement is also known as what?
Assent
Name the two things that invlove consideration?
Benefits- Something that a party was not previously entitled to receive
Detriments- Any loss suffered; anything given up
What are the three things that fall under capacity?
•Minors
•Mentally Incapacitated
•Intoxicated
Charging too high of an interest rate
Usury
Includes all elements recognized by the courts
Legally binding
Valid
Offer made to this person
Offeree
Any change in the terms of the offer
Counteroffer
Terms of the acceptance must match exactly
Mirror Image Rule
Several causes for genuine agreement to be lacking in a contract; Name 3
•Duress
•Undue Influence
•Unilateral or Mutual Mistake
•Innocent Misrepresentation
•Fraudulent Misrepresentation
Not doing something that you have the right to do
Forbearance
Severing of the parent-child relationship
Emancipation
Competitors agree on certain price ranges within which they will sell their products
Price Fixing
One or more parties can get out of contract for some legal reason
Contract lacks genuine assent, contracts with minors
Voidable
Has no serious Intent. Also, known as a invitation to negotiate
Adversisements
Maximum period set by the UCC
3 Months
Only requires giving a promise to perform, not performance itself; Most offers are this....
Bilateral Acceptance
Unfair and improper persuasive pressure within a relationship of trust
Undue Influence
Have no consideration and cannot be enforced
Gifts
A voluntary act
Intoxication
Agreement not to compete in a region for a period of time
Restrictive covenant
Without legal effect
Contracts missing one or more elements
Void
Phone, Letter, Email, Text
Ways to communicate to the offeree
A written offer for goods that states the period during which the offer will stay
Firm Offers
Offeror promises something in return for offeree’s performance and indicates that performance represents acceptance
Unilateral Acceptance
Define the nature of agreement. There are 2...Name one
•Signing a contract you don’t understand or have not read
•Signing a contract in a language you don’t understand
Token amount in a written contract where either the parties cannot or do not wish to state the amount
Nominal Consideration
Name 4/6 ways to create informal emancipation
•Parent and minor agree that parent will end support
•Minor gets married
•Minor moves out of family home
•Minor joins armed forces
•Minor gives birth
•Minor takes on full-time employment
Agreements that unreasonably restrain trade. Takes away the ability to do business with others
Public Policy
Contract that comes about from the actions of the parties
Implied
An offer must have this in order to create a legal binding agreement
Intent
Taking back of an offer by offeror
Revocation
Does not represent acceptance
Silence as Acceptance
In order to prove fraud, you must prove 3 definitions.. What are they?
•Deliberate: Done with or marked by full consciousness of the nature and effects; intentional
•Deception: The fact or state of being deceived
•Gain: To secure as profit or reward
Clause or wording that allows party to escape from legal obligation
Illusory Promises
Agreeing to be bound by a contract that could be avoided
Ratification
Requires that certain contracts be in writing to be enforceable. What is it called and name 4 out of the 6 requirements
Statute of Frauds
•Contracts to buy and sell goods for a price of $500 or more
•Contracts to buy and sell real property
•Contracts that require more than one year to complete
•Promises to pay the debt of another
•Promises to give something of value in return for marriage
Contract that court will not uphold, usually because of some rule of law
Statute of limitations has expired
Unenforceable