Contract Law

20 cards

Flash cards dealing with offer and acceptance when making a contract.


 
  
Created Feb 17, 2011
by
jessicaadams624

 

 
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1
What are the 7 elements of a contract?
 
-offer
-acceptance
-genuine agreement
-legality
-consideration
-capacity
-writing
2
What is an offeror?
 
the party who makes an offer to form a contract
3
What is an offeree?
 
the party to whom an offer is made
4
All parts must be...
 
clear and complete
5
When an offeree clearly rejects an offer is it?
 
terminated
6
Why is an offeror NOT obligated to keep an offer open for a specific time?
 
Nothing has been given in exchange for a promise?
7
What is acceptance?
 
when a party agrees to the proposal
8
An offer made to an individual must be accepted by the ..?
 
individual
9
An offer made to a group can be excepted by?
 
any member of the group
10
What does the mirror image rule require?
 
that the terms in the acceptance must exactly match the terms contained in the offer
11
What do bilateral contracts require?
 
that the offeree accept by communicating the requested promise to the offeror
12
What are to ways that an offer can be kept open?
 
options and firm offers

13
What is a contract?
 
an agreement that courts will enforce
14
What is a binding contract?
 
when the offeree gives the offeror something of value in return for a promise to keep the offer...
15
What is a firm offer?
 
stating in firm writing how long an offer is to stay open
16
What is an unilateral contract?
 
the offeror requires that the offeree indicate acceptance by performing his or her obligations...
17
What does UCC mean?
 
Uniform Commercial Code
18
What is a counteroffer?
 
Response by the offeree, with new terms, which ends the original offer
19
What is revocation?
 
withdrawing an offer before it is accepted
20
Death or insanity by the offeror or offeree means what?
 
The offer is terminated

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