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Chapter 10

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
show something of legal value that must support a contract in order for it to be enforceable  
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agreement   show
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show an agreement that meets certain additional legal criteria and is enforceable in a court of law  
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offeror   show
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offeree   show
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show the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it  
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show the offeror must objectively intend to be bound by the offer, the terms of the offer must be definite or reasonably certain, and the offer must be communicated to the offeree  
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objective theory of contracts   show
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express terms (4)   show
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implied term   show
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advertisement   show
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reward   show
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auction with reserve   show
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auction without reserve   show
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revocation   show
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rejection   show
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counteroffer   show
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show a contract in which the original offeree pays consideration (usually money) in return for the original offeror giving consideration (time of the option period, keeping the offer open)  
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show destruction of the subject matter, death or incompetency of the offeror or offeree, supervening illegality, lapse of time  
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show the enactment of a statute, regulation, or court decision that makes the object of an offer illegal; this action terminates the offer  
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show a stated time period after which an offer terminates; if no time is stated, an offer terminates after a reasonable time  
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acceptance   show
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show a rule that states that for an acceptance to exist, the offeree must accept the terms as stated in the offer  
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when silence constitutes acceptance (3)   show
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show a rule that states that an acceptance is effective when it is dispatched, even if it is lost in transmission  
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show the proper addressing, packaging, and posting of an acceptance  
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show an offeree must accept an offer by this; implied authorization may be inferred from what is customary in similar transactions  
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express authorization   show
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consideration   show
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requirements of consideration (2)   show
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show support for a contract when either the promisee suffers a legal detriment or the promisor receives a legal benefit  
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bargained-for exchange   show
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show a promise that is unenforceable because it lacks consideration; also known as a gratuitous promise  
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illegal consideration   show
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illusory promise   show
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preexisting duty   show
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past consideration   show
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show an agreement whereby the parties agree to accept something different in satisfaction of the original contract  
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show the performance of an accord  
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show an equitable doctrine that prevents the withdrawal of a promise by a promisor if it will adversely affect a promisee who has adjusted his or her position in justifiable reliance on the promise  
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show contract in which a seller agrees to sell all of its production to a single buyer  
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requirements contract   show
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show contract that contains a clause that requires one or both of the parties to use their best efforts to achieve the objective of the contract  
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Created by: eshoemak