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10 Cards in this Set

  • Front
  • Back
Termination of Offer
Oor Revocation
Oee rejection
Oee counter offer
Rejection
reject by Oee
effective when received by Oor
Revocation
Oor takes back the offer
as long as it is before Oee accepts and before duration expires
effective when Oee receives it
Acceptance
agreement to terms
1.occurs in reasonable manner
2.communicated to Oor
3.must mirror offer
Consideration
value given in return for a promise
legal benefit flowing from each side of A to the other
must be bargained for exchange or promise for performance
only look at A and time of A
Legal Detriment
promise to not do something that you have a legal right to do
Pre-existing Duty
promise to do something you already have a legal duty not to do
NOT CONSIDERATION
Contract Modification
modify existing K
each side must give new consideration unless:
unforeseen difficulties
UCC- can modify when one side doesn't give new consid.
bilateral- promises must give rise to mutual obligation
Promissory Estoppel
when a person has reasonably and substantially relied on the promise of another
Capacity
legal ability to enter into K