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
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a contract may not be rescinded based on puffery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