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