Body of law that governs oral and written agreements associated with exchange of goods and services, money, and properties.
100
What is a unilateral contract?
A promise by only one person to do something.
100
Who is the offeror?
A person making the offer.
100
What exceptions are involved in a contract? (Name 1)
The new or different terms do not make a material or crucial difference to the nature of the contract.
The offeror does not object to the new or different terms without reasonable time.
The original offer did not expressly limit acceptance to the terms in that original offer.
100
What is revocation?
The taking back of an offer by the offeror.
200
What is a contract?
Any agreement enforceable by law.
200
What is a bilateral contract?
One party promises to do something in exchange for the other's promise to do something else.
200
Who is the offeree?
A person who receives the offer.
200
What state(s) has not adopted all the provisions of the mirror-image rule?
Louisiana.
200
What is rejection?
Refusal.
300
What are the three theories of contract law?
Equity
Free-Will
Formalist
300
What is an implied contract?
A contract that is made without exchanging a single word.
300
What are invitations to negotiate?
Invitations to deal, trade, and make an offer.
300
What does the UCC stand for?
Uniform Commercial Code.
300
What is a counteroffer?
Making a new offer by the offeree.
400
TRUE OR FALSE
Do we make contract everyday?
True.
400
What is an express contract?
A contract that is stated in words and may be either oral or written.
400
TRUE OR FALSE
An offer must not be definite and certain to be enforceable?
False.
400
What is a counteroffer?
Any change in terms of the offer by the offeree.
400
What is expiration of time?
The offeror sets a time limit for the acceptance of the offer.