6 Elements
The willingness to go along with the offer.
Acceptance
Lynbrook High School hired Ms. K to be a business teacher.
Valid
A response to an offer that changes the terms of the original offer.
Counteroffer
The taking back of an offer by the offeror.
Revocation
A contract that contains a promise by both parties is
Bilateral
People entering into a contract cannot agree to illegal acts or illegal terms.
Legality
Maria agrees to pay Tom $500 to steal confidential test answers from their school.
Void
To be effective, an offer must be communicated to the
Offeree
A job offer letter says the candidate must accept by Friday at 5 p.m.
The candidate does not respond until Saturday.
Lapse of time
Alexis offered to sell her car to Donna. Before Donna accepted the offer, Alexis changed her mind and decided to keep the car. What happened to the offer?
Revoked
A valid offer is met with a valid acceptance.
Genuine agreement
If you wait too long to bring a lawsuit, the court may not uphold it because it could be
Unenforceable
A contract stated in words; may be oral or written.
Express contract
Taylor offers to sell her laptop to Jordan for $300.
Before Jordan accepts, Taylor sends a text saying, “I’ve changed my mind. The laptop is no longer for sale.”
Revocation
Your friend has lost her bracelet and offers you a reward of $50 if you find it. This is an example of a(n)
Unilateral contract
the legal ability to enter into a contract
Capacity
A 16-year-old (minor) signs a year-long gym membership contract.
Voidable
The “mirror image rule” states that
Acceptance must not change the terms of the offer
Devin offers to sell a bike to Mia for $150.
Mia responds, “I’ll buy it for $100.”
Counteroffer
Serious intent, definiteness (clarity), and communication to the offeree are requirements of
An offer
The thing of value promised in exchange of something else of value.
Consideration
Ashley and Kayla are both 17. That makes their contract legally
A contract that comes about from the actions of the parties.
Implied contract
Emily offers to hire Stan to paint her house.
Before Stan accepts, Emily unexpectedly passes away.
Death or incapacity
Invitations to deal, trade, or make an offer by the seller are considered invitations
to negotiate