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Contracts

Contract Law

TermDefinition
Contract A legally binding set of promises between 2 or more people, each party owing something to the other, and each with a duty to perform
Offer A valid ***** requires the intent to form a contract, all required terms stated with sufficient definiteness, and communication to the offeree
Illusory Promise An "Agreement to Agree" on required terms
Acceptance An effective ***** requires the intent to form a contract, agreement to the terms offered, and communication to the offeror
Mirror Image Rule Common Law: An acceptance must be a ***** of the offer. If it does change the offer, then it is a counter-offer
Mail Box Rule An acceptance is effective when sent, as long as it was properly addressed, posted, etc.
Created by: Steve3326
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