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24 Cards in this Set
- Front
- Back
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Offer
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The outward manifestation of present contractual content to be bound by certain and definite terms communicated to the offeree.
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Acceptance
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Unqualified, unequivocal assent to the terms of the offer.
doesn’t vary of the terms of the offer given |
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Mutual Assent
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the two-way agreement between parties with the intent to form a contract. Mutual assent takes the form of offer and acceptance, referred to as a meeting of the minds
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Consideration
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Consideration must be of value (at least to the parties), and is exchanged for the performance or promise of performance by the other party
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Formation
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To form a contract, one of the parties must make an offer, the other party must accept the offer, and consideration, or something of value, must be exchanged.
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Unilateral Contract
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promise in exchange for an act
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Bilateral Contract
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promise in exchange for another promise.
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Q- Quantity Term
T-Time for performance I-Interested Parties P-Price Term S-Subject Matter |
QTIPS
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Present Contractual Intent
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bound by the terms of a contract which are certain and definite. To test if terms are certain and definite, use QTIPS
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Indirect Revocation
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A reliable source tells the offeree that the offer is revoked
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Direct Revocation
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The offeror tells you the offer is revoked
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lapse of an offer
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the time stated by the offeror for duration expires or the reasonable time for the offeror expires
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when does the offeror terminate as a matter of law
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offer-ors generally exist for the time stated by the offeror, reasonable period of time if not specified.
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Quasi contract
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a fictional contract imposed on parties by a court in the interests of fairness and justice. usually they are imposed to avoid unjust enrichment of one party at the expense of another.
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what is unjust enrichment
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the contract is terminated prematurely due to a breach, and the contractor unjustly receives no compensation for partial services rendered.
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bargain exchange for a legal detriment
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consideration
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what is the outward manifestation of present contractual intent with certain indefinite terms
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offer
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what is the mail box rule
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offer or acceptance is effective as soon as you put it in the mail
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what is the unqualified unequivocal assent
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acceptance
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what is the legal effect of the doctrine of promissory estoppel
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someone relies on the promise of another and may be allowed to attain some kind of recovery
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Offer terminates
L-Lapse D-Death D-Destruction I-Illegaility R-Revocation R-rejection |
LDDIRR
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Statute of Frauds
M-Marriage R-Rela Property D-Debt O-Longer than One year G-Goods of $500 or more |
MR. DOG
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Lucy v. Zehmer
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Farms, drunk Lucy offered $50,000 for Zehmers farm, wrote contract on napkin, ruling was Zehmer had to sell farm for $50,000
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Alexander v. Lafayette Crime Stoppers, Inc.
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Serial Killer, Alexander provided info for killer on May 22 and contacted LCS for reward on August 14 when deadline was for August 1. no contract was formed. Alexander loses
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