Contracts
what is offer and acceptance?
an agreement to base the contract off of
Who is the offeror?
the person who makes the offer
what is a unilateral mistake?
only one party holds an incorrect belief about the contract.
what is genuine assent?
The agreement must not be based on deceiving the other, mistakes, or unfair pressure.
who is the offer?
the person to whom the offer is made to.
Both parties have an incorrect belief about the contract.
what is legality?
what is agreed to must be legal.
what is revocation?
The right to withdraw an offer before it is accepted.
what are material facts?
important facts that influence parties' decisions.
what is consideration?
What the promisor demands and must receive for it to be legally enforceable.
what is duress?
improper threats or acts to obtain agreement.
false statement believing it to be true without intention to deceive.
what is capacity?
the parties must have the legal ability to contract themselves (age 18).
what is fraud?
misrepresentation that is reckless and results in injury.
what is fraudulent misrepresentation?