Contracts
_____ is a declaration that something either will or will not happen now or in the future.
What is a promise
A promise or commitment to perform or refrain from performing some specified act in the future.
What is an offer
Another name for detrimental reliance
what is promissory estoppel
This term is usually defined as the value (such as money) given in return for a promise (in a bilateral contract) or in return for a performance (in a unilateral contract).
What is consideration
The United States has a
_______ form of government in which the national government and the states share sovereign power.
What is federal.
an agreement that can be enforced in court. It is formed by two or more parties who agree to perform or refrain from performing some act now or in the future.
What is a contract
The party making an offer is called the
What is the offeror
An agreement in which one party gives up the right to pursue a legal claim against another party.
What is a release
To be ______, consideration must be something of value in the eyes of the law.
What is legally sufficient
A system of checks and balances allows each branch to limit the actions of the other two branches. This prevents any one branch from exercising too much power. For instance, the judicial branch has the power to hold actions of the other two branches unconstitutional.
What is separation of powers
There are four basic requirements that must be met before a valid contract exists
What are agreement, consideration, capacity, and legality
Three elements necessary for an offer to be effective are
What are intention, definiteness of terms, and communication.
The legal avoidance, or setting aside, of a contractual obligation.
Disaffirmance
Under most circumstances, a promise to do what one already has a legal duty to do is not legally sufficient consideration, because no legal detriment or benefit has been incurred. This is the
What is the pre-existing legal duty rule.
Article I, Section 8, of the U.S. Constitution expressly permits Congress “[t]o regulate Commerce with foreign Nations, and among the several States.” This clause, referred to as
What is the commerce clause power
______is a legally binding agreement where one party makes a promise in exchange for an act or service from the other party.
What is a unilateral contract
It is only an expression of a willingness to discuss the possibility of entering into a contract. For instance, statements such as “Will you sell your three-bedroom house?”
What is preliminary negotiation
The act of accepting and giving legal force to an obligation that previously was not enforceable.
Ratification
If the terms of the contract express such uncertainty of performance that the promisor has not definitely promised to do anything, the promise is
What is illusory
Article VI of the Constitution provides that the Constitution, laws, and treaties of the United States are “the supreme Law of the Land.” This article is referred to as the
What is the supremacy clause
In contract law, intent is determined by what is called the
Objective intent theory
________ is a rejection of the original offer and the simultaneous making of a new offer, giving the original offeror (now the offeree) the power of acceptance.
What is a counteroffer
A contract entered into by an intoxicated person, or a mentally ill person is voidable because of this concept
What is lack of capacity
This is when a debtor offers to pay, and a creditor accepts, a lesser amount than the creditor originally claimed was owed.
The Constitution’s first ten amendments, known as the
What are the Bill of Rights