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Contracts

Contract Definitions

QuestionAnswer
OFFER IS THE OUTWARD MANIFESTATION OF PRESENT CONTRACTUAL INTENT WITH CERTAIN AND DEFINITE TERMS COMMUNICATE TO ANOTHER GIVEN POWER OF ACCEPTANCE.
ACCEPTANCE IS AN UNEQUIVOCAL ASSENT TO THE TERMS OF THE OFFER.
CONSIDERATION WHICH IS BARGAINED FORGIVE AND EXCHANGE FOR A RETURN PROMISE REQUIRING BENEFIT OR DETRIMENT
INDIRECT REVOCATION KNOWLEDGE BY AN OFFEREE FROM A RELIABLE SOURCE THAT THE OFFEROR CANNOT PERFORM REQUIRES ACTS INCONSISTENT WITH THE CONTRACTS.
COUNTER OFFER WORDS OR CONDUCT WHICH A REASONABLE PERSON WOULD UNDERSTAND AS A REJECTION OF AN OFFER.
REVOCATION AN OFFEROR MAY EXPRESSLY REVOKE AN OFFER AS LONG AS IT IS COMMUNICATED TO THE OFFEREE PRIOR TO A TIMELY ACCEPTANCE IT IS EFFECTIVE UPON REQUEST.
What does the UCC govern Sale of Goods
What does Common law govern Services.
How to keep a contract open? OPTION. give at least a dollar to keep offer open
Unilateral Contract you can accept only by PERFORMING the act.
Unilateral Acceptance acceptance can be done in ANY reasonably Matter, Unless specified otherwise.
Mailbox Rule Acceptance is valid upon dispatch (if properly stamped and addressed)
Revocation is made by _____ Offeror
Rejection is made by ______ Offeree
UCC 2-207 Between MERCHANTS, additonal terms that are addied will be part of the agreement UNLESS 1)object in 10 days 2)material alter/arbitration the agreement 3)You must agree to all terms
UCC 2-207 if one is merchant and the other is not a merchant what happens to the terms they are MERE proposals to be accepted or rejected
if terms are inconsistant what happens KNOCKOUT RULE
Created by: pinkkat4
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