bus law chapter 12

agreement

An agreement creating obligations enforceable by law. The basic elements of a contract are mutual assent, consideration, capacity, and legality. In some states, the element of consideration can be satisfied by a valid substitute.

termination of offer

An offer cannot be accepted if it has been terminated. An offer that has been terminated is "dead"; the caterpillar was stepped on before it could become a butterfly. An offer may be terminated by an act of either party or by operation of law.

destruction of subject matter

An offer is terminated if the specific subject matter of the offer is destroyed before the offer is accepted.

definite terms**

An offer must have reasonably definite terms so that a court can determine if a breach has occurred and give an appropriate remedy

illegality

Illegality is the state of being against the rules or the law. Sometimes you have to break the law to effect change. The students knew the illegality of their actions, and that they might be arrested, but they figured it was worth it to change a bad law.

mirror image rule

In the law of contracts, the mirror image rule, also referred to as an unequivocal and absolute acceptance requirement, states that an offer must be accepted exactly with no modifications. The offeror is the master of one's own offer.

mutual assent

Mutual assent is an agreement between two parties that intend to form a contract. Also known as a "meeting of the minds," mutual assent signifies that the parties agree to the terms they are setting, as long as the necessary requirements are in place.

objective intent - objective theory of contracts**

Objective Theory of Contract. A principle in U.S. law that the existence of a contract is determined by the legal significance of the external acts of a party to a purported agreement, rather than by the actual intent of the parties.

option contract

Offeror promises to hold an offer open for a specified period of time in return of consideration or in exchange for a payment by the oferee

counteroffer

an offer made in response to a previous offer by the other party during negotiations for a final contract. Making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or there is no contract.

promissory estoppel

equitable doctrine that prevents the promisor from revoking the promise when the promisee acts in reliance upon the promise

requirements of an offer

offeror's serious intention, definiteness of terms, communication to offeree - communication has to be made by offeror or offeror's agent

revocation

the act of recall or annulment. It is the reversal of an act, the recalling of a grant or privilege, or the making void of some deed previously existing. A temporary revocation of a grant or privilege is called a suspension.

rejection

the act or an instance of rejecting: as a : a refusal to accept an offer b : a refusal to accept nonconforming goods as performance of a contract.

lapse of time

the reason for a legal agreement ending, because an agreed time limit has passed

acceptance

Agreeing to the terms of an offer to enter into a contract, thereby creating a binding contract.

mailbox rule

Acceptance takes effect at the time the offeree sends or delivers the communication via the mode expressly or impliedly authorized by the offeror. I.E., if send via mail, it is accepted when the letter is sent, not received.

communication**

The offer must be communicated to the offeree