Chapter 5 How Contracts Arise
can be voided or rescinded by at least one of the parties
a voidable contract...
a bilateral contract
a contract in which both parties make promises is known as
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
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
express contract
a contract stated in oral or written words is known as
offer
a proposal made by one party that he or she is willing to enter a contract is known as
rejection
a refusal of an offer by the offeree that brings the offer to an end
has no legal effect at all
a void contract...
communicated to the offeree
an offer must be seriously intended, definite and certain, and
counteroffer
an offer that has been changed by the offeree is known as
upheld by a court of law
an unenforceable contract will not be
an acceptance
an unqualified agreement by the offeree to be bound by the offer is known as
contract
any agreement that is enforceable by law is known as
express or implied
contracts can be classified in the following four ways: valid, void, voidable and unenforceable, bilateral or unilateral, oral or written and
invitations to negotiate
invitations to deal, trade, or make an offer
the expiration of time
the 5 ways in which an offer can come to an end include: revocation, rejection, counteroffer, death or insanity and
legality
the 6 elements of a contract include: offer, acceptance, genuine agreement, consideration, capacity and
revocation
the taking back of an offer by there offeror
an implied in fact contract
a contract that comes about by the acts of the parties is known as
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
counteroffer
a response to an offer in which the terms of the original offer are changed
mirror images rule
the terms stated in the acceptance must exactly mirror or match the terms of the offer
