Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Remove Ads
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards




share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Module 2

Business Law I: Contract Law

QuestionAnswer
acceptance The offeree’s manifestation of assent to the terms of the offer.
bilateral contract One in which a promise is exchanged for another promise.
contract An agreement that may be enforced. A bargained-for exchange.
express contract One in which the offer and acceptance are clearly stated in express language.
formal contract One required to have a certain format
illusory promise A statement that sounds like a promise but is worded so as to not commit the promisor; an illusion of a promise.
implied contract One in which either offer
mailbox rule A rule that states that as long as mail is a proper way to accept an offer and the offer has not stated limits on acceptance
merchant A person who customarily deals in goods of the type involved in the transaction; one for whom the contract is in the course of business.
mirror image rule A common law rule that states the acceptance must be on the same terms as the offer
offer A promise to do business; the first element of a contract.
offeree The person to whom an offer is made
offeror The person who makes an offer.
option An offer for which consideration has been paid expressly to keep the offer open for a set period of time.
promissory estoppel A legal doctrine that allows reasonable reliance on a promise to substitute for another legal requirement
quasi contract A situation where to prevent unjust enrichment
rejection An offeree’s declining the offer
requirement contract One in which a buyer has agreed to buy all the specified goods that the buyer needs or requires for a certain period of time. (A similar contract which involves a seller agreeing to sell all the goods the seller produces is known as an output contract.)
revocation offeror’s cancellation of the offer.
simple contract A contract which is not required to be in a specific form.
unilateral contract A promise (offer) exchanged for actual performance (the acceptance).
unliquidated debt A legal obligation to pay money
Created by: heather.bradshaw