Offer & Acceptance
A rule requiring the acceptance to match the offer exactly.
Mirror Image Rule
Withdrawing an offer before acceptance.
Revocation
Minimum Age for most contracts
18
A failure to perform a contractual duty is called a...
Breach
The person to whom an offer is made.
Offeree
Terminating a contract by the offeree NOT accepting the offer.
Rejection
Contracts made by intoxicated or mentally troubled persons may lack this:
Capacity
If a court orders parties to do what was promised in the contract, this remedy is called...
Specific performance
Type of contract formed by an exchange of promises.
Bilateral
Accepting with a change in the conditions of the offer.
Counteroffer
An agreement or contract to commit a crime lacks this...
Legality
Money awarded to punish wrongdoing is called...
Compensation/compensatory
Type of contract formed by performance.
Unilateral
Termination if the offeror dies or goes insane.
Termination by death
The period of incapacity ends...
"at the age of majority"....18
When a judge cancels the contract and returns the parties to original position, this is called...
Rescission
An ad is usually not an offer, but an...
Invitation to negotiate
The offeree takes a long period of time passes since the offer was made.
Reasonable (or unreasonable) time
The measurement of mental capacity is called the...
Cognitive Standard
Name the two types of breach:
1. a major breach that results in termination & damages
2. a small breach where contract continues, damages may be awarded
Material and Minor Breach