Offer and acceptance

Legally enforceable contract

1. Offer and acceptance 2. Genuine assent 3. Legality 4. Consideration 5. Capacity 6. Proper form

Executed contract

A contract that has been fully performed

Executory contract

A contract that hasn't been fully performed

Acceptane

A party to whom an offer has been made agrees to the proposal. It must 1. Come from the person or persons to whom the offer was made 2. Match the terms in the offer 3. Be communicated to the offeror

Offer

A proposal by an offerer to do something, provided the offeree does or refrains from doing something in return

Firm offer

A written offer containing a term stating how long it is to stay open

Mirror image tule

Acceptance must exactly match the terms contained in the offer

Contracts

Agreements between two or more parties that create obligations

Proper form

Agreements can be in writing or oral to be fully enforceable in court

Complete

All offers must 1. Identify the price 2. Subject matter 3. Quantity

Express contract

All terms are expressly stated either orally or in writing

Offer and acceptance

An agreement composed of an offer and an acceptance upon which to base the contract

Social agreements

Do not create legal obligations

Implied-in-fact contract

Doesn't have its terms expressly stated but they can be inferred from the party's acts or conduct

Definite

Each essential term must be identified clrarly

Counteroffer

If the offeree changes the offerors terms in important ways sends it back to the offeror

Option

If the offeree gives the offeror something of value in return for a promise to keep the offer open

Merchants

Individuals who regularly deal in the goods being bought or sold

Quasi

Inferred contract

Jest

Law concerned with appearance of an action (joking)

Invitations to negotiate

Not offers, advertisement

Bilateral contract

One that is formed by a mutual exchange of legally binding promises

Unilateral contract

The Offerer promises something in return for the offerees performance and indicates that this performance is the way acceptance is to be made

Genuine assent

The agreement must not be based on one party's deceiving another, on an important mistake, or on the use of unfair pressure exerted to obtain the offer or acceptance

Capacity

The parties must have the legal ability to contract for themselves

Offeree

The person to whom the offer is made

Offerer

The person who makes the offer

Revocation

The right to withdraw an offer before it is accepted

Legality

What the parties agree on must be legal

Consideration

What the promiser demands and generally must receive in order to make his or her promise legally enforceable against him or her

Rejection by the offeree

When the offeree clearly rejects the offer the contest is terminated