A proposal by one party to another intended to create a legally binding agreement
What is Offer
100
A contract is one that is legally binding.
What is valid
100
A contract has no legal effect.
What is voided
100
A response to an offer in which the terms of the original offer are changed
What is counteroffer.
100
The taking back of an offer by the offeror
What is revocation
200
The mutual exchange binds parties together
What is Consideration
200
Define Express Contract
What is a contract statement that may be oral or written
200
Define implied contract
What is a contract that comes about from the actions of the parties.
200
Define Invitations to negotiate
What is Invitations to deal, trade, or make an offer
200
Define counteroffer
What is a response to an offer in which the terms of the original offer are changed
300
Define Capacity
What is the that Law presumes that anyone entering a contract has the legal capacity to do so.
300
Define Oral Contract
What is a contract is created by word of mouth and comes into existence when two or more people agree based on their conversion
300
The Statute of Frauds states
What is required by certain contracts be in writing to be enforceable.
300
Define Mirror Image rule
What is the terms stated in the acceptance must exactly mirror or match the terms of the offer.
300
Define rejection
What is a refusal of an offer by the offeree that brings the offer to an end
400
Define Acceptance
What is a agreement of the offeree to be bound by the terms of the offer.
400
What is the purpose of a written contract?
What is it assure both parties know the exact terms of the contract and they provide proof of the agreement.
400
Agreements can be destroyed by
What is fraud, misrepresentation, mistake, duress, or undue influence.
400
If the court has questions about the offer what happens?
What is if there is a question as to what is meant by the offer or the offer is unclear, the court will not enforce it.
400
When are contracts that are delivered by mail effective?
What is an acceptance that must be sent over long distance are effective when they are sent.
500
What are the 6 elements of a contract
What is Capacity, Consideration, Legality, Offer, Acceptance, Genuine Agreement
500
Define unilateral contracts and provide and example
A contract that contains a promise by only one person to do something, if and when the other party performs some act. ex. Placing an ad in the local paper to return missing dog for a cash reward.
500
Define Bilateral Contracts
What is a contract that contains two promises: one party promises to do something in exchange for the other's promise to do something else
500
3 basic requirements of an offer
What is Made seriously,
Definite and certain,
Communicated to the offeree
500
What happens if the offeror dies?
What is offeror dies or become insane before the offer is accepted, the offer comes to an end.