Contracts Word Scramble
|
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
Normal Size Small Size show me how
Term | Definition |
Contract | A contract is a promise or a set of promises that the law will enforce. |
Objective Theory of Contract | The objective meaning of the outward manifestations |
Elements of a Contract | Offer, Acceptance, Consideration |
Offer | A Manifestation of a willingness to enter a bargain, so made as to justify a reasonable person that her assent is invited and will conclude the bargain |
Ways to terminate an Offer | Rejection or Counter-offer, Revocation: direct or indirect, Lapse, or Death or Incapacity |
Option Contract | A promise to keep the offer open for a stated or reasonable time, requires separate consideration |
Firm Offer | Option contract when 1) Offeror is a merchant 2) option is put in writing 3) NO ADDITIONAL CONSIDERATION NEEDED |
Acceptance | Is a manifestation of assent made in a manner invited or required by the offer |
Manner of Acceptance | If not otherwise indicated, acceptance may be by any manner reasonable in the circumstances |
Acceptance by performance | If acceptance by performance, no notification necessary (but must follow in due course) |
Acceptance by Promise | Requires the offeree to complete every act essential to the making of the promise. |
NonDisclosure | A Nondisclosure is the equivalent of an assertion where: disclosure would correct a mistake as to a basic assumption, and nondisclosure is failure to act in good faith |
Acceptance by part performance or acceptance | Part performance is acceptance to the offer. |
Acceptance by part performance only | Part performance creates an option contract |
Acceptance by Silence | 1) Offeree takes benefit of services, 2) Offeror has given reason to believe that silence may be a manifestation of assent (and offeree intends to accept), or 3) Previous Dealings |
Acceptance w/ Changed terms(if different/additional term is a condition of acceptance, then | no k on agreed upon terms.) imperfect acceptance is counteroffer |
Acceptance w/ Changed terms ( if different/additional term is requested but not required, then | a k on agreed upon terms only |
Battle of the forms ( ucc) | 1) conditional v. requested, 2) + terms are proposals; but if BOTH parties are MERCHANTS + terms are deemed accepted unless a) initial offer is expressly limited to original terms; b) additions are material; or c) offeror gives notice of objection |
Mutual misunderstanding (neither has reason to know) then | no assent and no k |
Mutual misunderstanding (Both have reason to know) then | no assent and no k |
Mutual misunderstanding (One has reason to know and one does not) then | Agreement on term that both know. K formed only on that part. |
Indefinite terms, if terms are not reasonably certain, then | no acceptance (even if offeror intends to invite assent) |
Indefinite terms, if terms are reasonably certain defined as, then | provides basis for determining a breach |
Consideration definition | a benefit conferred or promised, or forbearance n exchange for the promise |
Consideration rules | must be bargained for, no past consideration |
promissory estoppel | If a promisor makes an oral promisee that shld reasonably cause the promised to rely on it&prom- does rely, then prom- may be able to enforce promise to prevent injustice. |
Condition of performance | A condition is an event, not certain to occur, which must occur, unless its non-occurrence is excused, before performance is due. |
Performance of a duty is subject to a condition is not due unless: | i) the condition occurs; or ii) its non-occurrence is excused. |
Expressed condition | A condition that is explicitly stated in contract |
Implied /Constructive | Supplied by the Court |
Example of primarily used implied condition | impossibility/impractability |
When, after a contract is made, a party’s performance is made impracticable without his fault by the occurrence of an event the non-occurrence of which was a basic assumption on which the contract was made, his duty | is discharged. |
to the extent that the non-occurrence of a condition would cause disproportionate forfeiture, | a court may excuse the non-occurrence of that condition unless its occurrence was a material part of the agreed exchange. |
economic duress | 1) improper threat 2) object of pressure had no alternative |
Unfair persuasion | 1) object is dominated by persuading party or 2) by virtue of the relationship object of pressure trusts that the persuading party will not act contrary to the person being persuaded |
Created by:
Cam.kollar
Popular Law sets