Offer & Acceptance
An offer
Something of value exchanged in a contract
Consideration
The legal ability to enter into a contract
Capacity
A requirement that a contract must have this type of purpose
lawful purpose
A legally enforceable agreement
A contract
Agreement to the terms of an offer is referred to
Acceptance
A gift is not a contract because
Lacks consideration
A group that usually has limited capacity to contract
Minors
Contracts involving illegal activity are this
Void
The ability of the law to uphold an agreement
Enforceability
Acceptance must match this exactly
Terms of the offer
The two sides of consideration
Benefit and Detrement
The type of contract a minor can usually cancel
Give an example of an illegal contract topic
illegal drugs or illegal activity
The main elements needed for a valid contract
Agreement, Consideration, Capacity, Legality, Assent
A response that changes the original offer and rejects it
Counteroffer
The rule that consideration does not need equal value
Legal sufficency
The ability to understand a contract at the time it is made
Mental Capacity
The effect of an illegal contract
Unenforceable
The type of contract that has all the required elements but can still be challenged in court
Voidable
A rule stating that acceptance must match the offer exactly, with no changes
Mirror Image Rule
A promise made in the past that cannot support a contract
Past Consideration
What happens when a party lacks capacity
Voidable or unenforceable
The reason courts refuse to enforce illegal agreements
Public Policy
The result when a required element of a contract is missing
No valid contract