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6 Cards in this Set
- Front
- Back
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What are the requirements for an offer?
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1. Language of committment;
2. Relatively complete terms; 3. Recpient reasonably believes that their acceptance is invited and will conclude the deal. |
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What are the requirement of an acceptance?
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1. Unequivical;
2. Timely; 3. Unconditional. |
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What are the ways the power of acceptance can be terminated?
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1. Revocation;
2. Rejection; 3. Lapse of time (usually what is reasonable); 4. Death or incapacitation of the other party. |
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What is the difference between a bilateral and unilateral contract?
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In a unilateral contract the offeror is bargaining for performance. In a bilateral contract the offeror is bargaining for a promise to perform.
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What is the objective theory of contracts?
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It is not what the parties to a contract intended to mean but what a reasonable person in the position of the parties would have thought.
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A unilateral contract is not formed until...
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Full performance is rendered.
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