This element is a proposal by one party to another intended to create a legally binding agreement.
What is an offer
100
This characteristic of a contract means legally good, thus this contract is legally binding.
What is valid
100
An offer made in the heat of anger or as a joke would not meet this requirement.
What is Serious Intent
100
If the offeror dies or becomes insane before the offer is accepted, the offer comes to an end.
What is Death or Insanity
200
The theory where the courts asked whether the parties to a contract exchanged things of equal value.
What is equity theory
200
This element is the second party's unqualified willingness to go along with the first party's proposal.
What is an acceptance
200
A contract that has no legal effect. An agreement that is missing one of the previously discussed elements would be this, such as any agreement to do something illegal.
What is void
200
Offers made by telephone, letter, telegram, fax, or e-mail are examples of this requirement of an offer.
What is communication to the offeree
200
Assume Kim has offered to sell Taylor her car for $10,000. Kim tells Taylor the offer will remain open until noon the following day, but Taylor tries to pay her a week later. This is an example of what type of termination.
What is Expiration of Time
300
The theory where the courts focus on the exercise of each party's will: they asked whether the parties really had agreed to the terms of an agreement .
What is the will theory
300
This element means that an agreement is true and genuine: a valid offer is met by a valid acceptance
What is genuine agreement
300
A contract statement that may be oral or written.
What is express contract
300
This means that the terms stated in the acceptance must exactly mirror or match the terms of the offer.
What is the mirror image rule
300
If someone says to you, "I'll sell you my camera for $50," and you say, "I'll give you $35 for it," this is an example of what type of termination.
What is counteroffer
400
The theory where the courts try to determine if the parties had reached a meeting of the minds: where the courts focus on the form of agreements.
What is the formalist theory
400
This element is the thing of value promised to one party in a contract in exchange for something else of value promised by the other party.
What is Consideration
400
A contract that comes from the actions of the parties. People often enter these contracts without exchanging a single word.
What is implied contract
400
A landlord of an apartment with faulty plumbing might agree to pay a share of the cost if the tenant fixes the plumbing, but the court would not enforce the contract because it was not possible to determine what the parties meant by a share. This is an example of an offer that does not fulfill this requirement.
What is definite and certain
400
This is the refusal of an offer by the offeree that brings the offer to an end.
What is rejection
500
These are invitations to deal, trade, or make an offer. They are often confused with offers
What is invitations to negotiate
500
This element means that the contract does not entail violating any laws. Parties are not allowed to enforce contracts that involve illegal acts
What is Legality
500
A contract that contains a promise by only one person to do something, if and when the other party performs some act..
What is unilateral contract
500
The time at which the acceptance takes place is important because that is when this happens.
What is when the contract comes into existence.
500
This is the taking back of an offer by the offeror.