Offer and Acceptance
Agreement between two or more parties that creates obligations.
What is a contract?
The true approval or agreement to enter into contract and accept an offer.
What is genuine assent?
Person must have legal ability to contract for themselves
type of contract that emergency medical care falls under
Contracts for the sale of goods of this amount of over this amount must be in writing.
What is $500?
The person who communicates a serious, definite offer is called this.
Who is the offeror?
The rule that states both the offer and acceptance terms and conditions must be clear and identical.
This is the term for a promise by the offeror in return for money or property or a sacrifice.
What is consideration?
If you are serious about your offer, but a reasonable person interprets it as a joke, do you have a reasonably enforceable offer?
Contract that is not fully performed yet. Includes leases
Employment contract term that prohibits workers from joining competitors or starting a rival business
What is a non compete clause?
Terms must be clear and specific and the acceptance must match those terms exactly, without any modifications, additions, or conditions.
What is the mirror image rule?
Contracts cannot be based on these three things
Deception
Important mistake
Manipulation
Name three groups of people who lack capacity to contract
Who are minors, mentally incompetent, and people under the influence of drugs/alcohol?
Offeree give something of value in return for a promise to keep the offer open
What is an option?
type of contract that getting a haircut, ordering food at a restaurant or using falls under
What is implied-in-fact
The difference between an executed contract and an executory contract.
An executed contract is complete (will be enforced even if not in writing). An executory contract is not complete (will not be enforced unless quasi)
Name three things that we might have contracts for.
Job - loans - tuition - marriage - car sales - real estate
A contract was formed when the economy was crashing. In this case, is genuine assent present?
If no - why?
No - economic duress
A contract in writing
what is proper form
Bo offered to sell his collection of baseball cards for $2000 before June 1st to his best friend, Matt. While Matt was trying to get the money, Bo had second thoughts. He called Matt and said he changed his mind. What kind of termination is this?
Revocation by the offerer
What type of contract? John has been looking at a TV he wants to purchase. After some debate, he finally decides to go lease it instead. John enters the electronics store, signs a lease agreement that states the he will pay $100 per month until the purchase price has been paid in full. He takes the television home and starts binge watching Netflix.
Executed - Express
What is executed contracts
What three things must be present for an offer to be legit?
Contractual Intent
Offer must be communicated to the offeree
Essential terms must be clear and definite
Nike wants to form a contract with a social media figure that makes content around eating copious amounts of fast food. Is genuine assent present?
If no - why?
No - Misrepresentation of Party
In a unilateral contract, what is considered the offer, and what is considered the acceptance?
Offer - money/reward
Acceptance - performance
These types of contracts are invalid from the beginning, having no legal effect due to illegality or impossibility.
These types of contracts are valid and enforceable, but one party has the option to affirm or reject them, often due to fraud, duress, or incapacity (like a minor).
What is the difference between void and voidable?
An auto advertisement on TV stated that the first five people to show up on Cow Day dressed as cows receive a 40% discount on any used car on the lot. Is this considered an invitation to negotiate or a legally enforceable offer?
What is legally enforceable offer?
Bonus: how could this situation change so that it would be an invitation to negotiate?