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11 Cards in this Set
- Front
- Back
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Agreement
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parties must agree on the terms of the contract
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Mutual assent
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agreement
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Offer
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a promise or commitment to do or refrain from doing some specified thing in the future
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Three elements necessary for an offer to be effective
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1. The offeror must have a serious intention to become bound by the offer.
2. The terms of the offer must be reasonable certain, or definite, so that the parties and the court can ascertain the terms of the contract. 3. The offer must be communicated to the offeree. |
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Revocation
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the offeror's act of withdrawing and offer
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Option contract
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created when an offeror promises to hold an offer open for a specified period of time in return for a payment
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estop
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to bar, impede, or preclude someone from doing something
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Counteroffer
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Rejection of the original offer and the simultaneous making of a new offer
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Mirror image rule
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require the oferee's acceptance to match the offeror's offer exactly
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Acceptance
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is a voluntary act by the offeree that shows assent to the terms of an offer
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Mailbox rule
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acceptance takes effect at the time the offeree sends or delivers the communication via the mode expressly or impliedly authorized by the offeror.
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