Law 5

upheld by a court of law

An unenforceable contract will not be

a bilateral contract

A contract in which both parties make promises is known as

a unilateral contract

A contract in which one party makes a promise in exchange for an act is known as

an offer

A proposal made by one party that he or she is willing to enter a contract is known as

has no legal effect at all

A void contract

Yes, there is a contract when Goodwin started polishing the car and the legal principle is an implied contract.

Anne Samuels offered John Goodwin $25 if Goodwin would polish her car. Goodwin said nothing but started to work and polished the car. Is there a contract? What legal principle supports your answer.

They could not do this legally because Ramsey said the offer was up for a week. It had not been a week yet and they took back the offer. They can't do this because of the express contract that was stated orally. The only way they can take back the contract is if Duffin didn't accept it or if the offer has been expired.

Annette Ramsey, a sales representative for the Carlin Boat Company, wrote to Harry Duffin, offering to sell him a boat for $600 and agreeing to hold the offer open for one week. Two days later, before Duffin made an acceptance, the boat company withdrew its offer. Could the company legally do this? What legal principle supports your answer.

a contract

Any agreement that is enforceable by law is known as

Yes, this did result in a valid contract because as soon as that letter was sent in the mail it became a contract.

Arelene Burns, a dealer in preowned cars, telephoned Samuel Firman and offered to sell him a preowned care for $2,000. Firman told her he wanted to think it over and would let her know later. That afternoon Firman sent Burns a letter by express mail stating that he would buy the used car. Did this result in a valid contract? What legal principle supports your answer.

She does not need to pay because she can reject it. Their isn't an acceptance on her part so she isn't tied to that contract. A person cannot be forced to respond to avoid a binding agreement, but if Blaustein intended to accept the offer and complied with Allen's directions and remain silent, then Allen must honor that silence as her acceptance.

Betty Allen offered to sell Cynthia Blaustein her skis for $100. She wrote to Blaustein, saying, "If I do not hear from you in two weks, I will assume that you accept my offer." If Blaustein does not answer, must she pay Allen $100 for the skis? What legal principle supports your answer.

Their was a contract because as soon as that letter hit the mail it was a contract. Keefer can't revoke his offer because he already has an acceptance and an agreement.

Bob Keefer wrote to Ed Ramirez offering to sell him the restaurant that Keefer owned. Ramirez wrote back to Keefer accepting the offer. He mailed the letter of acceptance on March 17 at 10:30 a.m., and Keefer received it on March 18 at 11:00 a.m. Keefer had decided to revoke his offer, however, and had mailed a second letter to Ramirez on March 16 at 11:00 a.m., which stated his decision to revoke. Ramirez received this letter on March 17 at 10:00 a.m. Was there a contract?

express or implied

Contracts can be classified in the following four ways: valid, void, voidable and unenforceable, bilateral or unilateral, oral or written and

the expiration of time

The five ways in which an offer can come to an end include: revocation, rejection, counteroffer, death or insanity and

legality

The six elements of a contract include: offer, acceptance, genuine agreement, consideration, capacity, and

an unilateral contract

A contract in which one party makes a promise in exchange for an act is known as

an express contract

A contract stated in oral or written words is known as

an expressed contract

A contract stated in oral or written words is known as

an implied in fact contract

A contract that comes about by the acts of the parties is known as

a void contract

A contract that has no legal effect is known as

a valid contract

A contract that is legally binding and fully enforceable is known as

can be voided or rescinded by at least one of the parties

A voidable contract

communicated to the offeree

An offer must be seriously intended, definite and certain, and

a counteroffer

An offer that has been changed by the offeree is known as

an acceptance

An unqualified agreement by the offeree to be bound by the offer is known as