Term
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Definition
| agreement that the law will enforce; can be formed by parties conduct |
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Term
| How is a contract formed? |
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Definition
1) mutual assent
2) valid consideration |
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Term
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Definition
| putting a person in the position they would have been had the contract been performed |
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Term
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Definition
| a manifestation of intent to act or refrain from acting in a certain way; incentive is subjective |
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Term
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Definition
| a manifestation of willingness to enter into a bargain |
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Term
| who decides what constitutes acceptance? |
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Definition
| the Offeror is master of the offer |
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Term
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Definition
| a manifestation of assent to the terms of an offer in a manner invited or required by the offeror |
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Term
| what are the three caveats of ACCEPTANCE? |
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Definition
1) only person who may accept is the person whom the offeror intended
2) must know of the offer at the time of acceptance (reward)
3) cannot accept by silence |
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Term
| what is a bilateral contract? |
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Definition
both sides make promises
(bargain) |
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Term
| what is a unilateral contract? |
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Definition
| exchange promise for performance - must give notice of performance |
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Term
| what is the "Mirror Image Rule"? |
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Definition
| commmon law rule that acceptance must mirror the offer - UCC reject |
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Term
| can ACCEPTANCE be conditional to assent to changes? |
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Definition
| NO - exception for merchants |
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Term
| what is the "Mailbox Rule"? |
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Definition
| at the moment the acceptance is sent out, not when it arrives; rejection is upon receipt |
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