Contract Basics
A part of contract negotiations where a party agrees to do or not do something in exchange for consideration.
What is the Offer part of the contract?
A person who has not yet reached the age of majority and therefore lacks full legal capacity to enter into contracts.
What is a Minor?
A lease for renting an apartment.
what is an example of a written contract.
True or False: A verbal agreement can be legally binding in certain circumstances.
True.
Within reasonable time
When must contracts be completed?
The purpose of the contract must be lawful.
What is Legality?
The legal ability of a person to enter into a binding contract.
What is Contractual capacity?
A written bill of sale.
What kind of contract is needed when selling a car?
True or False: Emancipation involves a minor gaining independence from their parents or guardian allowing them to enter a contract
True
A point in which a person is under the influence and cannot make wise decisions making most contracts void
What is intoxication?
refers to something of value exchanged between the parties.
What is Consideration
The age at which a person is legally recognized as an adult and can enter into contracts without parental consent.
What is Age of Majority?
Real estate purchase agreements.
Name a contract that must be in writing by law.
True or False: An agreement made under fraud can still be enforced.
False
A condition where an individual cannot understand the nature and consequences of their actions, affecting their ability to contract.
What is Mental Incapacity?
Any expression of approval or agreement to a contract
What is Genuine assent?
refers to a legal process that grants a minor the status of an adult
What is the Emancipation of minors?
Agreeing to website terms of service.
Example of a contract you make online.
True or False: Ratification is the process by which one party completes contractual obligations
False
A rule in which you cannot phrase a contract to take silence as Acceptance.
What is the rule of Silence as Acceptance?
Parties involved must have the legal ability to enter into a contract.
What is Capacity?
A form of fraud in which competitors agree in advance on who will win a bid
What is Bid rigging?
A contract with a plumber or electrician.
Give an example of a service contract.
True or False: A minor can enter into a legally binding contract.
False.
A contract that includes a promise in exchange for an performance
What are Unilateral contracts?