Contract Law Section 4 and 5 (questions)

What are the differences among valid, void, and voidable contracts?

A valid contract means it is legally binding, a void contracts have no legal effect, and a voidable contract is when a party can void or cancel the contract for some legal reason.

When is an offer terminated?

Can occur in any of the following ways: Revocation, Rejection, Counteroffer, Expiration of time, Death or insanity

What are the characteristics of consideration?

Consideration must involve a bargained-for exchange, Consideration must involve something of value, The benefits and determinants that make up consideration must be legal

Why is the promise not to sue in exchange for something of value considered one form of consideration?

Giving up the right to sue is ptbr stance. Lawsuits are often settled when one party agrees not to sue another party. The other party promises to pay a set amount of money to pay in return. A signed agreement not to sue is called a release.

What rights does a minor have in relation to contracts?

Minors are allowed to get out of contracts. When they claim to be adults, they are committing fraud.

How is a dispute settled by accord and satisfaction?

One party agrees to accept less than the amount due as full payment. The acceptance by the creditor of less than what was billed is the accord. The agreed-to settlement as contained in the accord is the satisfaction.

What are the requirements of an acceptance?

The acceptance must be unconditional, Must follow the rules regarding the method of acceptance

What happens when a minor becomes emancipated?

The child that is no longer under the legal control of his or her parents. Responsible for their own contracts. Automatically emancipated when they get married.

Why do courts enforce charitable pledges?

The courts uphold donation promises as if they were contracts. Courts uphold pledges because charities provide services to society.

What are the requirements of an offer?

Which contracts must be in writing, How contract rights are transferred, How contracts end, What happens, when one party breaches a contract, Made seriously, Definite and certain, Communicated to the offeree