Offer, Acceptance, Consideration, Capacity and Lawfulness
What are the elements of a contract?
100
The intent to enter binding agreement,
definite terms and
communication of the offer to the offeror by the offeree.
What are the elements of Acceptance?
100
This makes acceptance effective upon dispatch when the offeree used a manner of communication expressly or impliedly authorized (invited) by the offeror.
What is the mailbox rule?
100
Something of legal value must be given; and
There must be a bargained-for exchange.
What are the elements of consideration?
100
A _____________ is a belief about a fact that is not in accord with the truth
What is a mistake?
200
In this type of contract, there are typically no negotiations, you accept by performing and a reward or contest are examples.
What is a unilateral contract?
200
When an offeror _____________ the terms of an offer to an offeree, he objectively indicates an intent to be bound by those terms.
What is communicates?
200
The only person that can legally accept the offer.
Who is the original offeree?
200
Illusory promises; Preexisting duties and Past consideration are examples of exchanges that NOT ____________?
What is consideration?
200
______________ is a ground for lack of capacity only when it is so extreme that the person is unable to understand the nature of the bargaining process.
What is Intoxication?
300
This is an agreement otherwise binding, but due to circumstances surrounding execution or lack of capacity, may be rejected at option of one party
What is a voidable contract?
300
Irrevocable for a period of time and does not require consideration to be given in exchange?
What is a firm offer?
300
Traditional contract law rule required acceptance to be the ______________________ of the offer
What is the mirror image rule?
300
Promises to make gifts for _________ or educational purposes are often enforced, despite the absence of consideration, when the institution or organization to which the promise was made has acted in reliance on the promised gift.
What is charitable?
300
A minor's right to avoid a contract is also known as:
What is disaffirmance?
400
A court may apply doctrine of _________________ when one party relies upon another party’s promise to his or her detriment (detrimental reliance), but there’s no contract.
What is promissory estoppel?
400
______________ for a sale of goods at specified prices generally are not considered offers, but are invitations to offer or negotiate.
What are advertisements?
400
Here the offeror can require the time, place and manner in which an offer can be accepted.
What is stipulation?
400
An agreement by a promisee to refrain, or forbear, from pursuing a legal claim against a promisor can be valid consideration to support a return promise.
What is forbearance to sue?
400
The legal term that distinguishes fraud from innocent misrepresentation?
What is scienter?
500
This is a is a body of law that governs contracts, usually in regards to the sale of goods, is statutory law in every state,
What is the uniform commercial code?
500
An offer may be terminated by ______________if revoked & communicated to offeree before the offer is accepted
What is revocation?
500
UCC 2–207 allows contract formation even when there is some variance between terms of offer and terms of acceptance, this is also known as:
What is battle of the forms?
500
A debt that is both due and certain; that is, the parties have no good faith dispute about either the existence or the amount of the original debt.
What is liquidated debt?
500
When a contract that was both induced by an improper threat and where the victim had no reasonable alternative but to enter into the contract it is known as: