Offer & Acceptance – Contract Agreement

Offer & Acceptance – Contract Agreement

This chapter covers offer and acceptance and contract agreement.


elements of a contract

 offer, acceptance , consideration, legality , capacitie , consent, writing


offer 

all contracts begin when a person or a company proposes a deal . It might involve buying something, selling something, doing a job, or anything else. But only proposals made in certain ways amount to a legally recognized offer.


Acceptance 

once a party receives an offer he must respond to it in a certain way .


Consideration 

there has to be bargaining that leads to an exchange between the parties . Contracts cannot be a one-way street both side must benefit.


legality

 the contract cannot break the law


capacity

 the parties must be adults of sound minds


consent 

certain kinds of trickery and force can prevent the formation of a contract


writing

 some contracts must be in writing


Implied Contract

 an agreement based on the words and actions of the parties


mirror image rule

 a common law principle requiring the acceptance to be on exactly the terms of the offer


offeree

 a party that recieves an offer


offeror

 a party that makes an offer


bilateral contract

 an agreement based on one promise in exchange for another


false 

to be enforceable all contracts must be in writing


False 

abdul hires Sean to work in his store and agrees to pay him 9 per hour . This agreement is goverened by the Uniform Commercial Code


False

 If an offer demands a reply within a stated period the offeree’s silence indicated acceptance


true

 without a meeting of the minds there cannot be a contract


false

 an agreement to sell cocaine is a voidable contract


True

 a contract may not be rescinded based on puffery


False

 An agreement for the sale of a house does not need to be in writing if the deal will be completed withing one year


True

A non compete clause are suspect because they tend to restrain free trade


true

 a seller of property must generally disclose latent defects that he knows about


in which case is a court most likely to enforce an exculpatory clause 

Hang gliding


Tobias is selling a surrealish painting He tells Maud that the picture is by the famous French Artist Magritte Although in fact Tobias has no idea whether that is true or not Tobia’s statement is 

Fraud


true 

courts award the expectation interest more often than any other remedy


An example of true impossibility is

 illegality


elements of a contract

 offer, acceptance , consideration, legality , capacitie , consent, writing without a meeting of the minds there cannot be a contract


offer 

all contracts begin when a person or a company proposes a deal . It might involve buying something, selling something, doing a job, or anything else. But only proposals made in certain ways amount to a legally recognized offer.


Acceptance

 once a party receives an offer he must respond to it in a certain way .


Consideration

 there has to be bargaining that leads to an exchange between the parties . Contracts cannot be a one-way street both side must benefit.


legality the contract cannot break the law


capacity

 the parties must be adults of sound minds


consent

 certain kinds of trickery and force can prevent the formation of a contract


writing

 some contracts must be in writing


Implied Contract

 an agreement based on the words and actions of the parties


mirror image rule

 a common law principle requiring the acceptance to be on exactly the terms of the offer


offeree 

a party that recieves an offer


offeror 

a party that makes an offer


bilateral contract

 an agreement based on one promise in exchange for another


false

 to be enforceable all contracts must be in writing


False 

abdul hires Sean to work in his store and agrees to pay him 9 per hour . This agreement is goverened by the Uniform Commercial Code


False

 If an offer demands a reply within a stated period the offeree’s silence indicated acceptance


true 

without a meeting of the minds there cannot be a contract


false

 an agreement to sell cocaine is a voidable contract


Mark, a Newspaper editor walks into the newsroom and announces a group of five reporters, ill pay a 2000 bonus to the first reporter who finds definite evidence that Senator Blue smoked marijunana at the celebrity party last friday. Anna , the first reporter to produce the evidence claims her bonus based on 

Unilateral Contract- one party makes a promise and the other must take some action


Raul had finished the computer installation he promised to perform for Tanya and she has paid him in full This is

 An executed contract- all parties have fully performed


which of the following amounts to an offer

 Ed sayds to carmen i offer to sell you my pen for a dollar ed says to carmen ill sell you my pen for a dollar ed writes ill sell you my pen for a dollar


True 

a contract may not be rescinded based on puffery


False

 An agreement for the sale of a house does not need to be in writing if the deal will be completed withing one year


True

 A non compete clause are suspect because they tend to restrain free trade


true

 a seller of property must generally disclose latent defects that he knows about


in which case is a court most likely to enforce an exculpatory clause 

Hang gliding


Tobias is selling a surrealish painting He tells Maud that the picture is by the famous French Artist Magritte Although in fact Tobias has no idea whether that is true or not Tobia’s statement is

 Fraud


true 

courts award the expectation interest more often than any other remedy


An example of true impossibility is

 illegality


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