Requirements of a Contract
In most cases, the contract must be in this form to be fully enforceable by the court.
What is in writing?
Proposal by an offeror to do something, provided the offeree does something in return.
What is Offer?
One of the most common ways to terminate an offer. EX: Tim offers Jake $10 to mow his lawn. Jake says, "No, thank you."
What is Rejection by the Offeree?
This person is the one who accepts the offer.
What is Offeree?
This is the person who proposes a contract to another party.
What is an Offeror?
What the parties agree to must be legal.
What is Legality?
This type of agreement generally is not enforced and does not create legal obligations. Ex: Telling a friend you have to cancel plans you've made with.
What is Social Agreements?
The right to withdraw an offer before it is accepted.
What is Revocation by the Offeror?
Occurs when a party to whom an offer has been made agrees to the proposal.
What is Acceptance?
This is an agreement that courts will enforce. Usually made between two or more parties.
What is a Contract?
What the promisor demands and generally must receive in order to make his or her promise legally enforceable.
What is Consideration?
A contract that has been fully performed. Both parties have done all they promised to do. .
What is executed?
What is a Counteroffer?
In this type of contract, the offeree can accept the offer by giving a promise to the offeror instead of performing the contracted-for act.
What is Bilateral Contract?
The rule states an acceptance must be communicated. Therefore, this method of acceptance is invalid and will not be upheld in court.
What is Silence as Acceptance?
The parties must have the legal ability to contract for themselves.
What is Capacity?
A contract that has not been fully performed. Something agreed upon remains to be done by one or both of the parties.
What is an executory contract?
An example of this would be a merchant offering to sell a truck load of broccoli to a supermarket, and if they don't respond in an appropriate amount of time, the offer may be terminated.
What is Reasonable Length of Time?
Requires that the terms in the acceptance must exactly match the terms contained in the offer.
What is Mirror Image Rule?
When the offeree gives the offeror something of value in return for a promise to keep the offer open.
What is an Option?
The agreement must not be based on one party’s deceiving another, on an important mistake, or on the use of unfair pressure exerted to obtain the offer or acceptance.
What is Genuine Assent?
Statements including putting signs on merchandise with a certain price or ads in newspapers or on TV are referred to as. . .
What are invitations to negotiate?
An example of this would be, Susan offering to sell Amy her watch for $100, and telling Amy she has 2 days to respond with an answer.
What is Time Stated in the Offer?
This type of contract requires that the offeree indicate acceptance by performing his or her obligations under the contract.
What is Unilateral Contract?
A contractual proposal in writing by a merchant stating how long the offer is to stay open.
What is a Firm Offer?