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Elements of a Contract
Characteristics of a Contract
Requirements of an Offer
Requirements of Acceptance
Termination of an Offer
100
Anyone entering into a contract must have this to do so
What is capacity
100
This word means "legally good."
What is valid
100
This is a proposal from one party to another to enter into a legally binding agreement
What is an offer
100
This is the answer to whether or not (yes or no) an offer can be changed:
What is YES
100
When an offeror takes back the offer, it is referred to as this:
What is revocation
200
This is the agreement of the offeree to be bound to the terms of the offer
What is acceptance
200
When one party has the power to void a contract, it is considered to be this:
What is voidable
200
The person making an offer is called this:
What is an offeror
200
This rule is when the terms stated in the acceptance match exactly with the terms of the offer
What is the mirror image rule
200
This is the term used when the offeree declines the offer
What is rejection
300
This is the thing of value promised to one party in a contract in exchange for something else
What is consideration
300
A bilateral contract contains two of these:
What is a promise
300
The person who receives an offer is called this:
What is an offeree
300
When an offeree makes changes to the offer, it is referred to as this:
What is a counteroffer
300
This change to the original offer by the offeree terminates the first offer and creates a new offer
What is a counteroffer
400
Parties are not allowed to enter into contracts that involve these types of acts or considerations
What is illegal
400
This type of contract has no legal effect
What is void
400
True or false: Price tags, signs in store windows and prices marked on merchandise are treated as invitations to negotiate rather than as offers
True
400
This is whether or not (yes or no) an offeror can impose a time restriction on the offeree to accept the offer
What is YES
400
If the offeror dies or becomes insane before the offeree accepts, the offer does this:
What is comes to an end
500
This means that an agreement is true and "for real"
What is a genuine agreement
500
This type of contract comes about by the actions of the two parties:
What is implied
500
There are this many key requirements to making an offer:
What is three
500
This lack of any action is usually not seen as a valid means of acceptance of an offer
What is silence
500
If no time for acceptance is stated in the offer, it must be accepted in this amount of time to be valid:
What is reasonable