Reading...
Play button
Play button
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;
18 Cards in this Set
- Front
- Back
|
Advertisement, as offer
|
A publicly-disseminated advertisement is an invitation to negotiate, not an offer
|
|
|
Couter-offer
|
A response to an offer that contains different terms. It rejects the original offer and operates as an offer itself
|
|
|
Offer
|
An act that leads an offeree reasonably to believe that a power to create a contract has been conferred on her by the offeror
|
|
|
Constructive Condition
|
An implied condition. If I contract to pay you for A but nothing is said about payment, a court will infer A must happen before payment
|
|
|
Reliance Interest
|
The Promisee's change in position in anticipation of the promisor performing his promise. Could be prepartation to perform or receive performance
|
|
|
Restitution Interest
|
A benefit conferred on the promisor by the promise on account of the contract. A deposit is an example
|
|
|
Lapse of Offer
|
A offer will lapse by its own terms or by the passage of a reasonable time under the circumstances
|
|
|
Definiteness
|
An agreement is not enforceable unless it specifies sufficient terms to allow a court to infer that the parties intended to contract and to shape a remedy. Court may supply price terms but not often quantity terms
|
|
|
Indefinateness
|
An agreement has too many unspecified terms to be enforceable
|
|
|
Mutual Mistake
|
A belief that is not in accord with the facts and is shared by both the parties
|
|
|
Meeting of the Minds
|
Classical term for the parties coming to agreement on the terms of the contract
|
|
|
Notice of Acceptance
|
A communication by the offeree to the offeror that the offeree has accepted the offer
|
|
|
Silence as Acceptance
|
Silence is not acceptance of an offer except by prearrangement between the parties
|
|
|
Firm Offer
|
A promise to hold an offer open for a specified period or until the occurance of a specified event; also known as an option contract
|
|
|
Unilateral Contract
|
A promise in exchange for a performance
|
|
|
Battle of the Forms
|
An exchange of documents, typically preprinted, in which each party attempts to have the contract to conform to its terms
|
|
|
Mirror-image Rule
|
An acceptance to be effective must contain the same terms as the offer, without even the slightest change. An acceptance that contains a changed term is considered a counter offer
|
|
|
Last Shot Principle
|
Where offer and acceptance do not have matching terms, there is no contract on the writing. But is there has been performance, the courts have found a contract on the terms of the last offer on the table before perfomrance began
|
