Contract 1
A _________ is an agreement between two or more people
contract
The person who made to offer is called the
offeror
The legal ability to enter into a contract
capacity
People in civil court usually sue for what is called
damages
A person who has not reached the age of maturity is known as a
minor
______________ means to take back an offer
revoke
The person that the offer is made to is called
the offeree
Contracts for the sale of land must be
in writing
The exchange of things of value is called
consideration
What is the name given to what a party receives after they go to the court?
Remedy
When the offeree rejects the offer, the offer is
terminated
A contract that is oral or written
Simple contract
How can a contract that has been completed be discharged?
By performance
A _______ is the transfer of ownership without receiving anything in return
gift
For a contract to be enforceable it must be this L-word
Legal
If the offeror of an agreement dies the offer is
Discharged
Define the term duress in terms of contracts, and give a scenario
This is when either party involved in a contract is forced to enter it, making it voidable.
When to offeree changes the terms of the original offer it is called a
counter offer
The legal ability to understand to consequences of a contract
capacity
Contracts that take more than a year to complete must be?
writing
_____________ occurs when a party to whom an offer has been made agrees.
acceptance
Share and explain four ways a contract can be discharged (by performance and death are not accepted)
By breach- when either party fails to perform as agreed.
By agreement- both parties mutually agree to end the contract before obligations are performed.
By lapse of time- the contract should be completed in the specified time stated known as the period of limitation.
By impossibility or frustration- the contractual obligation cannot be performed due to circumstances beyond party's control.
Entering into an agreement by making untrue statements of fact is called
fraudulent misrepresentation
What is the legal age required to enter into a contract?
eighteen
What are the characteristics of a contract?
Offer, Acceptance, Consideration, Intention to create legal relations and Capacity