Term
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Definition
outward manifestation of present contractual intent to be bound by certain and definite terms
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Term
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| offer, acceptance, consideration |
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Term
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| the acceptance must be the exact same as the offer that was posed. if it is not, it is a counteroffer or a rejection |
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Term
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| contract designed to keep an offer open for a stated period of time. you must be a merchant who keeps the offer open for a stated period of time not to exceed 3 months, or 90 days |
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Term
ways to destroy an offer: 1. ? 2. ?
3. ?
4. ?
5. ? 6. ? |
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Definition
1. Rejection 2. Recission 3. Death 4.Time lapse 5. Destruction of subject matter 6. Insanity |
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Term
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if a task has already been done in the past, there is no expectation for payment.
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Term
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| offeree does not accept the offer by the offeror |
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Term
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Definition
1. Capacity 2. Mistake 3. Fraud 4. undue influence 5. unconscible 6. statute of frauds |
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Term
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Definition
a. minors - if you are under the age of majority, it is voidable at any time at the choice of the minor
b. intoxication - alcohol or drugs
c. mental state - if you are mentally unstable |
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Term
an offer is only valid if it has: 1. ? 2. ? 3. ? 4. ? |
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Definition
1. quantity - how many
2. time for performance - how much time you have to accept the deal.
3. interested parties - buyer and seller
3. price term - how much money it will cost
4. subject matter - what you are selling i.e. an expo marker.
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Term
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Definition
contract designed to keep an offer open for a stated period of time, but it must be supported by valuable consideration. i.e. teacher wants to sell ipod to students. one kid wants to make the contract between just the 2, so he gives her 10$ to make it just between them. this $10 does not lower the contract price however. |
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Term
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Definition
| when offer is good and the offeree accepts |
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Term
| an offer is not valid if: |
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Definition
your emotions are too high or you are intoxicated, or if you are in a crazed state, or on drugs.
has to have these terms for a valid offer. |
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Term
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Definition
| when the offeree rejects the original offer and makes a new offer, thus becoming the offeror |
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Term
| destruction of subject matter |
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Definition
| when the subject matter is destroyed, the offer is destroyed. |
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Term
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Definition
| the offeror takes back what he offered in the first place |
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Term
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Definition
| is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. |
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Term
COF - cost of insurance and freight
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Definition
| risk of loss is negotiable between the two and buyer is able to buy insurance |
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Term
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Definition
| when the offeror dies, the offer dies with them, unless they are in an option contract |
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Term
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Definition
| if the time designated in the contract is up, the offer is destroyed |
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Term
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Definition
| if you are not in the correct state of mind, the offer that was given is not valid |
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Term
| receiving full or partial receipt of the money or the good |
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Definition
| only applies to goods: 500$ and up. |
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Term
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Definition
1. implied
2. expressed
3.unilateral
4. bilateral
5. void
6. voidable (statute of frauds)
7. quasi contract
8. executed
9. executory
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Term
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Definition
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Term
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Definition
| the unqualified unequivocal ascent to the ascent of the offer |
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Term
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Definition
| if the main purpose of the of the person answering for the debt is for their own self benefit. only applies to debt of another. |
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Term
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Definition
the bargained for exchange of a legal detriment.
i.e. being paid for a service or giving money for a good. performance for another performance |
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Term
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Definition
| the act of giving another person the responsibility of carrying out the performance agreed to in a contract |
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Term
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Definition
| police man has to go out and find the burgular, its his job. he isn't doing anything extra |
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Term
| promitory estoppel (detrimental reliance) |
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Definition
| where one detrimentally relies on the promise. where someone relies so heavily on a promise that they take many steps towards keeping the contract. |
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Term
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Definition
a. unilateral: if the non mistaken party knew or should have known of the mistake
b. bilateral aka mutual: when both parties are mistaken. |
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Term
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Definition
when a person with certain amount of influence over another uses that to take advantage of the other people.
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Term
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Definition
| a defense against the enforcement of a contract based on the presence of terms unfair to one party |
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Term
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Definition
| it encompasses the transfer of rights held by one party—the assignor—to another party—the assignee |
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Term
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Definition
f you enter into any of these, those contracts have to be in writing in order to be deemed valid.
M - marriage
R - realty
D - debt of another
O - contracts - 1yr
G - goods : 500$ and up. |
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Term
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Definition
| if you can show a small amount of writing that proves it. |
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Term
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| only applies to realty. if you show that there was a contract by partly performing the actions. this can be done with money or land. |
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Term
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Definition
| if the performance was done in total, they must be paid for. |
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Term
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Definition
| risk of loss goes directly to the buyer once it is placed on the vessel. |
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Term
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Definition
| risk of loss goes directly to the buyer once it is received wherever they decided upon. |
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Term
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Definition
people who were not part of the original contract, but due to certain circumstance, are able to sue for breach of contract |
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