Agreement
Under common law, for valid acceptance, the offeree must accept the terms exactly as stated in the offer.
What is the mirror image rule?
What are legally sufficient value and bargained for exchange?
Permits minors to disaffirm contract.
What is the infancy doctrine?
Two types of mistake under contract law.
What are unilateral and mutual mistakes?
What is the predominant purpose test?
Three ways offer is terminated by act of the parties.
What are revocation, rejection, and counteroffer?
Doctrine that permits a court to enforce contract that lacks consideration.
What is promissory estoppel?
Makes all contracts entered into by mentally incompetent person void.
What is adjudicated mentally incompetent (court order)?
Person deceived as to the nature of their act and unaware of what signing.
What is fraude in the inception (factum)?
The open term generally not filled in under UCC Article 2/2A.
What is quantity?
Party/parties that can accept offer and create contract.
Who are the offeree/offerees?
What is past consideration?
Charging interest rate above legally permitted maximum.
What is usury?
Threat is used to make another sign a contract.
What is duress?
The two ways to accept offer under Article 2/2A.
What is promise to ship and prompt shipment?
Two requirements for valid acceptance of a reward.
What are (1) knowledge of reward prior to completing the requested act and (2) perform the requested act?
Two types of contracts with flexibility on naming exact consideration.
What are requirement and output contracts?
Person confirms contract entered into while intoxicated.
What is ratification?
Dollar amounts for UCC Statute of Frauds to apply.
What are $500 for sales and $1000 for leases?
Cannot revoke offer if in business of selling goods and signed writing.
What is the merchant firm offer rule?
The time when acceptance of a bilateral contract occurs.
What is the acceptance-upon-dispatch rule?
Two requirements for settlement to alter consideration from original contract.
What is accord and satisfaction?
Contract that is so oppressive as to be unjust to enforce.
What is unconscionability?
What is the parol evidence rule?
Three exceptions to UCC Statute of Frauds.
What are specially manufactured goods, admissions, and partial acceptance?