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Vocab 1
Vocab 2
Completion 1
Completion 2
Short Answer
100
A contract that comes about from the actions of the parties
What is implied contract
100
Unqualified willingness to go along with an offer.
What is acceptance
100
A contract is ________________ if the court cannot uphold it because of some rule of law.
What is unenforceable
100
A ____________ contains two promises. One party promises to do something in exchange for the other party to do something
What is bilateral contract
100
What union did I say I belonged to when working for Food Marketing?
What is Teamsters
200
The legal ability to enter a contract
What is capacity
200
Exchange of benefits and detriments by the parties to an agreement.
What is consideration
200
A contract is ______________ if it can be canceled by one of the parties.
What is voidable
200
If a valid offer is met by a valid accaeptance, a ________________ exists.
What is genuine agreement
200
How can offers be terminated?
What is revocation, rejection, counteroffer, expiration of time and death or insanity
300
A refusal of an offer by the offeree that brings the offer to an end.
What is rejection
300
Proposal by one party to another party to enter into a contract.
What is an offer
300
An offer must be definite, communicated to the offeree, and ___________________
What is seriously intended
300
__________________ is the final element of a contract
What is legality
300
Name the 3 requirements of an offer
What is serious intent, definiteness and certainty, and communication to the offeree
400
Any agreement enforceable by law
What is a contract
400
The taking back of an offer by the offeror.
What is revocation
400
To fully understand the nature of contracts we must understand the _______________ that make up a contract.
What is elements
400
A ___________ contains a promise by only one person to do something if and when the otehr party performs some act.
What is unilateral contract
400
Name 6 of the 10 characteristics of a contract
What is valid, void, voidable, unenforceable, express , implied, bilateral, unilateral, oral or written
500
Acceptance that changes the terms of the original offer and terminates the offer.
What is a counteroffer
500
A contract stated in words; it may be oral or written.
What is express contract
500
Most advertisements in newspapers, magazines and catalogs are treated as____________ rather than offers.
What is invitations to negotiate
500
The ________________ have the most college football wins all-time.
What is the Michigan Wolverines
500
What are the elements of a contract?
What is Offer, Acceptance, Genuine agreement, consideration, capacity and legality