Terms
More Terms
Contracts
More Contracts
Even More!
100
Agreements between two or more parties that create obligations
What is a contract?
100
The person to whom an offer is made
What is the offeree?
100
If there is not consideration from both parties, then instead of a contract there is only this...

What is a promise?

100
An offer may only be accepted by
What is the offeree?
200
The person who makes the offer
What is the offeror?
200
An element of a contract that involves both parties receiving something of legal value
What is consideration?
200

These are the three basic elements of a contract

Offer, acceptance and consideration

200
When both parties accept by communicating the requested promise, a ____ is formed.
What is a bilateral contract?
300
This occurs when a party to whom an offer has been made agrees to the proposal
What is an Acceptance?
300
When an offeree changes the terms of the offeror in important ways and sends it back to the offeror
What is a counteroffer?
300

The UCC sets guidelines and laws for contracts to be followed.  What does UCC stand for?

What is the Uniform Commercial Code?

300
When the specific subject matter of an offer is destroyed before the offer can be accepted, the offer is automatically ___
What is terminated?
400
When an offeree gives the offeror something of value in return for a promise to keep the offer open
What is an option contract?
400
When current market price is not specified in a contract between merchants for the sale of goods, but the current market price is understood to be the basis of the contract, the price term is said to be ____
What is implied?
400
The agreement must not be based on one party's deceiving another, on an important mistake, or on the use of unfair pressure exerted to obtain the offer or acceptance...
What is genuine assent?
400

To be enforceable in court, a contract must involve parties who have the right to enter into a contract.  This is called what?

What is capacity?

500
Requires that the acceptance must exactly match the terms contained in the offer
What is the mirror image rule?
500
The right to withdraw an offer before it is accepted is the right of ....
What is revocation?
500
Generally, when nothing is said in the offer about how long it will remain open, it will end after _____
What is a reasonable length of time?
500
A contract in which performance alone is acceptance is termed
What is a unilateral contract?
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