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Law Exam 1

Contracts

TermDefinition
Offer Contains the specific promise and a specific demand.
Acceptance The offeree agrees to the terms with no changes to the original offer.
Consideration Incentives received for accepting a contract. The legal benefit or legal detriment.
Legality The offer and considerations have to be legal actions and have legality of purpose.
Capacity A person's ability to be bound to or accept a contract. Traditionally courts hold that: Minors, intoxicated persons, mentally incompetent persons do not have the capacity.
Patrol Evidence Rule This rule prevents oral evidence that changes the content of the contract to be presented after the contract has been written and complete.
Uniform Commercial Code UCC Applies to contracts involving the sale of goods expression of acceptance or a written confirmation is considered a valid acceptance to the offer regardless of additions or alterations to the original contract.
Mirror Image Rule The acceptance must match the offer exactly with any changes of the terms of counteroffers.
Statues of Frauds Requires certain kinds of contracts to be written in order to minimize confusion, fraud and deceit in court when there is an accusation of breach of contract.
Created by: user-1895504
 

 



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