Chapter 10
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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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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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
eshoemak