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21 Cards in this Set
- Front
- Back
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a definite and binding proposal, in writing for a specified period
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Merchant's Firm offer
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written or verbally agreed contract
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Express contract
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contract that arises from parties voluntarily
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Implied contract
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Illegal subject matter or against public policy
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Void contract
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contract that can be voided legally by one side
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Voidable contract
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agreement that the law offered no remedy
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Unenforceable contract
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implied stipulation in a contract that a contracting party must perform its part before demanding from others
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Conditions precedent
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contract not yet performed
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Executory contract
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Preliminary to contract, 1st step in formation
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Offer
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Person making the offer
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Offeror
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recipient to offer
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Offeree
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transfer of contract to 3rd party that will have liability instead of 2nd party that transferred. (painter example)
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Novation
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Offer that cancels previous offer
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Revocation
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offers with considerations, promises to keep offer open
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Options
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counter-proposal to offer ( rejection under common law)
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Counter offer
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offerees positive response to offer
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Acceptance
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timing rule for acceptance-works only is there is a specified time frame
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Mailbox rule
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the voluntary transfer of money or property with both parties still alive
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Gifts
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a rule of law requiring certain kinds of contracts to be written (not oral or verbal)
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Statute of Frauds
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previous documentation 'drafts' that cannot be used to change final contract
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Parol evidence
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contracts exempt them from fulfilling their end of contract because of "acts of God" unforeseeable causes
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Force Majeure
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