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14 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Requirement of Acceptance |
1) Unconditional 2) Communicated 3) Manner 4) Time |
Acronym: "CUMT" |
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Unconditional Acceptance |
- any material change voids previous offer - offeree becomes offeror |
notes about |
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Communication of Acceptance |
- directed towards offeror - Postal Acceptance Rule - once accepted, can't be withdrawn |
notes about |
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Postal Acceptance Rule |
The communication of acceptance takes place the moment the letter is posted. |
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Manner of Acceptance |
- offeror dictates how to accept (letter, email, etc.) - no stipulation = same as offer |
notes about |
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Time to Accept |
- acceptance must be made within time period required by offeror - no stipulation = reasonable time |
notes about |
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Option to Purchase |
Exclusive right to purchase an item in exchange for money |
define |
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Genuine Intention (voiding elements) |
1) Fraud 2) Misrepresentation 3) Duress 4) Undue Influence 5) Mistake |
MUDFM |
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Fraud |
- false representation - material fact - knowledge (mens rea) |
3 components |
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Misrepresentation |
- false representation - material fact - NO knowledge (mens rea) |
3 components |
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Trade Puffing |
Right to exaggerate goods and services |
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Duress |
Threat of actual physical violence |
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Undue Influence |
Improper and unconscientous use of power or influence |
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Mistake |
- existence of subject matter - identity of subject matter - identity of contracting parties |
3 types of mistake |
