Elements of a Contract
Characteristics of a Contract
Requirements of Offer/Acceptance
Termination of an Offer
Terms
100
A proposal from one party to another intended to create a legally binding agreement
What is an offer
100
A contract that is legally good
What is valid
100
A offer must be made with the intention of entering into a legally binding agreement
What is serious intent
100
The offeror sets a time limit for the acceptance of the offer
What is expiration of time
100
Any agreement enforceable by law
What is a contract
200
Means that an agreement has a valid offer and acceptance
What is genuine agreement
200
A contract that a court is unable to unhold
What is unenforceable
200
Terms stated in the acceptance must match exactly the terms of the offer
What is the mirror image rule
200
A refusal of an offer by the offeree that brings the offer to an end
What is rejection
200
When the focus is on the format of an agreement
What is the formalist theory
300
An unqualified willingness to go along with the first person's proposal
What is acceptance
300
A contract that contains two promises
What is a bilateral contract
300
A response to an offer in which the terms of the original offer are changed
What is a counteroffer
300
The taking back of an offer by the offeror
What is revocation
300
When the two parties exchange things of equal value
What is the equity theory
400
The legal ability to enter into a contract
What is capacity
400
When one party to a contract is able to cancel that contract
What is voidable
400
An offer cannot be vague when made
What is definite and certain
400
When the terms of the offer change
What is counteroffer
400
The element of a contract that says parties cannot contract over an illegal act
What is legality
500
The thing of value that parties are contracting over
What is consideration
500
A contract statement that can be either verbal or written
What is an express contract
500
Offers can be made by telephone, letter, text, email or any other method
What is communicated to the offeree
500
The two things that can happen to an offeror that can cause the offer to come to an end
What is death or insanity
500
A contract that comes about from the actions of the parties
What is implied contract
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