Show:
The Nature of Contract
Characteristics of a Contract
Requirements of an offer
Requirements of an acceptance
Termination of an offer
100
Contract
What is any agreement enforcable by law
100
void
What is a contract that has no legal effect.
100
invitations to negotiate
What is the invitation to deal, trade, or make an offer
100
Telephone letter telegram fax machine e-mail
What ways can an offer can offers be made
100
Revocation
What is the taking back of an offer by the offeror.
200
Valid Contract
What is a contract that is legally binding and fully enforcable
200
voidable contract
What a contract that able to void or cancel for some legal reason.
200
mirror image rule
What is the principle that must not change the terms of the original offer
200
Counter offer
What is any change in the terms of the offer that the offeree has not accepted the offer
200
Rejection
What is the refusual of an offer by the offeree
300
acceptance
What is the second party's unqualified willingness to go along with the first party's proposal.
300
unenforcable contract
What is one court that will not uphold gernerally because of some rule of law
300
Made seriously Definite and certain Communicated to the office
What is the three basic requirements for an offer
300
must be unconditional must follow the rules regarding the method of acceptance
What is the requirements of acceptance
300
an offer can be revoked any time before its accepted a revocation becomes effiective when its recieved by of communicated
What is two important rules that govern recvocation
400
capacity
What is the legal ability to enter a contract.
400
express contract
What is a contract stated in words or written
400
Made seriously Definite or certain communicates to the offeree
What is the three requirements of an offer.
400
three
What is number of exceptions that appplies for an unconditional acceptance
400
Death or insanity
What is if the offer dies or becomes insane before the offer is accepted
500
consideration
What is the exchange of things of values.
500
bilateral contract
What is a contract that contains two promises
500
offer
What is a proposal made by one party that he or she is willing to enter a contract
500
(UCC) Uniform Commercial Code
What are the primary exceptions created by
500
Expiration of Time
What is if the offeror sets a time limit for the acceptance of the offer, it must be honored.