Offer and Acceptance
Marq offers Dante to purchase his bike for $1,500. Dante offers $1,000.
What is a counteroffer?
This type of contract has no legal effect
What is Void?
One person's reliance on the acts promised by another.
What is promissory estoppel?
"Sign the contract or I will punch you in the stomach".
What is physical duress?
To enforce a contract under this law, the agreement must be signed by both parties in writing, or there must be a written note or memorandum signed by the party against whom a claim is made.
What is the Statute of Frauds?
The offeree takes the benefit of offered services despite having a reasonable opportunity to reject them.
What is silent acceptance?
James and Shane sign a contract to smuggle drugs from California to Mexico City.
What is void?
DAILY DOUBLE
Whatever the promisor demands and receives as the price for a promise.
What is consideration?
If the amount of the debt is disputed, the debt is canceled if the lesser sum than that claimed is accepted in full settlement.
What is Part Payment?
If the contract is not complete, courts will admit this rule to clear up ambiguity.
What is Parol Evidence?
"This car is the best on the market".
What is a Seller's Opinion?
False statement made in the belief it is true.
What is voidable?
This is innocent misrepresentation
The duties and obligations that the parties assume are not understood by their acts or conduct.
What is an implied contract?
Defrauded party did not intend to sign a contract when the nature of the writing could not be understood.
What is fraud in the execution?
Alexis and Jason signed a new apartment lease from 1/1/24 to 6/1/24. The contract does not have to be in writing based on this theory.
What is the one-year rule?
The requirements of a valid offer include definite, seriously intended, and ___?
What is communicated?
Martha has was diagnosed with senile dementia after signing her new will.
What is voidable?
The law creates an agreement for repayment even though no actual agreement exists between the parties.
What is a quasi-contract?
Confidence imposed on one side results in domination by the other.
What is undue influence?
DAILY DOUBLE
Requires a contract to performed according to its precise form.
What is specific performance?
DAILY DOUBLE
The withdrawal of a contract offer by the offeror.
What is revocation?
Party intended to make a contract based on false statements of terms or obligations of the transactions.
What is voidable?
This is fraud in the inducement
Price discrepancies result from keyboarding errors or from misinterpreting an oral quotation. The contract is valid.
What is a unilateral mistake?
A firefighter cannot receive a cash reward from a business owner for putting out a building fire under what doctrine?
What is a Preexisting Duty?
What is a secondary obligation?