Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
9 Cards in this Set
- Front
- Back
|
What constitutes as an offer? |
An act whereby one party confers upon another the power tocreate contractual relationships between them, that leads the other party tobelieve that a power to create a contract is between them (Where one makes anoutward manifestation to create a s contract and the other reasonably believesthat there is a power to create a contract, (Advertisements do not count asoffers usually.) Intent to be bound |
|
|
What constitutes as acceptance ? |
Voluntary act by the offeree whereby he exercises thepower conferred on him the offeror andcreates the contract A clear outward manifestation that they're accepting thecontract |
|
|
What terminates a contract? |
Termination1.Revocation-Inmost cases an offer is freely revocable (Unless firm offer or option contract)2.lapseof time-after a period of time has elapsed the offer is no longer valid, If notime is stated then you go by a reasonable time standard depending on what theoffer was Faceto face end when the conversation is over 3.deathof offeror -Offeree's power of acceptance is terminated by the offeror's deathunless it was an option contract and there was consideration given 4.Rejectionof an offer -Acceptance must be the exact same terms,a change in terms is arejection of the original offer and is instead a counter offer Illusorypromise-Ill do something if…..Not a definite |
|
|
What is consideration? |
Benefit to the promisor ordetriment to the promisee |
|
|
Revocation |
Must be an outward manifestation just likeoffer/acceptance (Like the case where the people higher new roofers)They didnot outwardly revoke the offer An offer is revocable any time before acceptance |
|
|
Gratious promise |
-can be a substitue for consideration(Promise made withoutconsideration)Enforceable under Promissory estoppel |
|
|
Promissory estoppel |
Enforceable when a promisee relieson that promise to their detriment |
|
|
Unconscionability |
When the terms of acontracts is extremely unjust and one sided |
|
|
|
|
