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14 Cards in this Set
- Front
- Back
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informal contract |
no formalities required |
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negotional instruments |
(checks) |
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Elelements of valid offer |
-intent to do what offer states -preliminary negotiations and advertisements do not constitute offers - definite and certain terms (quantity,quality,price,matter, etc.) - clear communication to payer |
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auction without reserve |
seller must accept highest bid |
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auction with reserve |
-seller may merely express intent to recieve offers -may withdraw item from auction at any time before hammer falls -hammer falls= signaling acceptance of offer |
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termination of offer |
Ex: - revocation by offeror -rejection by oferee -incapacity/death of offeror -subject matter is illegal - lapse of time/failure of conditions specified in offers |
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Acceptance |
Silence does not constitute acceptance effective when communicated by offeree to offeror - can accept anway if not specified |
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mirror image rule |
terms of acceptance must be identical to terms of offer |
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mailbox rule |
acceptance by mail effective when placed in mailbox, however, revocation of offer effective only when recieved by oferee |
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consideration |
something of value EX: benefit , harm, promise to do or not do something |
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promissory estoppel |
???? |
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things that dont guarentee consideration |
illusory promise does not contitute consideration - past consideration does not influence current consideration |
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Requirement contract |
- buyer agrees to purchase all goods needed/required from designated seller (I'll buy everything from seller A) |
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output contract |
seller agrees to provide all it produces to designated buyer -no quantity specification necessary |
