Term
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Definition
the manifestation by two or more ppl of the substance of a contract.
requires offer and acceptance |
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Term
1)offerror must objectively intend to be bound by the offer
2) terms of offer must be definite or reasonably certain
3)offer must be communicated to offeree |
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Definition
| three elements of an offer to be effective |
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Term
| objective theory of contracts |
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Definition
| a theory that says the intent to contract is judged by the reasonable person standard and not be the subjective intent of the parties |
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Term
| to be considered definite, and offer must contain the following terms: |
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Definition
1) identification of the parties
2) identification of the subject matter and quantity
3)consideration to be paid
4)time of performance |
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Term
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Definition
| a term in a contract that can be supplied by the court. (time, price) |
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Term
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Definition
an invitation to make an offer.
EXCEPTION: an offer if it is so definite that it is apparent the advertiser has the present intent to bind himself or herself to the terms of the ad. |
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Term
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Definition
| an award given for performance of some service or attainment. |
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Term
| requirements to collect a reward |
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Definition
1) the offeree must have knowledge of the reward offer prior to completing the requested act.
2) the offeree performs the requested act. |
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Term
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Definition
| an auction in which the seleer retains the right to refuse the highest bid and withdraw the goods from sale. Unless expressly stated otherwise, an auction is an auction with reserve. |
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Term
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Definition
| an auction in which the seller expressly gives up his or her right to withdraw the goods from sale and must accept the highest bid. |
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Term
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Definition
| withdrawal of an offer by the offeror which terminates the offer. |
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Term
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Definition
| a response by an offeree that contains terms and conditions different from or in addition to those of the offer. A counteroffer terminates the previous offer. |
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Term
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Definition
| the enactment of a statue, regulation, or court decision that makes the object of an offer illegal. The action terminates the offer. |
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Term
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Definition
| a stated time period after which an offer terminates. If no time is stated, an offer terminates after a reasonable time. |
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Term
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Definition
| a manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offer as measured by the objective theory of contracts |
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Term
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Definition
| a rule which states that for an acceptance to exist, the offeree must accept the terms as stated in the offer. |
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Term
| situations in which silence constitutes as acceptance: |
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Definition
1) the offeree has indicated that silence means assent.
2) The offeree signed an agreement indicating continuing acceptance of delivery until further notification
3) Prior dealings between the parties indicate that silence means acceptance
4) the offeree takes the benefit of goods or services provided by the offeror even though the offeree (a) has an opportunity to reject the goods or services but fails to do and (b) knows the offeror expects to be compensated |
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Term
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Definition
| a rule that states that an acceptance is effective when it is dispatched, even if it is lost in transmission. Also known as the acceptance-upon dispatch rule. |
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Term
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Definition
| the proper addressing, packaging, and posting of an acceptance. |
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Term
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Definition
| a stipulation in an offer that says the acceptance must be by a specified means of communication |
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Term
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Definition
| a mode of acceptance that is implied from what is customary in similar transactions, usage of trade, or prior dealings between the parties |
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