AGREEMENT PRINCIPLES Flashcards
1
Q
list of agreement principles
A
11 items
2
Q
The Objective Theory of Contracts
A
- A contract is formed by Offer and Acceptance
3
Q
The Objective Theory of Contracts
A
- An advertisement is generally not an offer to sell
4
Q
The Objective Theory of Contracts
A
- The terms of an offer must be definite
5
Q
The Objective Theory of Contracts
A
- Auctions with reserve and Auctions without reserve (who’s making the offer?)
6
Q
The Objective Theory of Contracts
A
- A rejection terminates the offer
7
Q
The Objective Theory of Contracts
A
- A counteroffer is a rejection and a termination of the offer. It puts a new offer on the table
8
Q
The Objective Theory of Contracts
A
The death of the offeror prior to acceptance terminates the offer but the death of a party
to a contract does not generally terminate the contract
9
Q
The Objective Theory of Contracts
A
- An offeror may revoke his offer at any time before acceptance (subject to 2 exceptions)
10
Q
The Mirror Image Rule
A
The Mirror Image Rule – To be effective an acceptance must be on precisely the same
terms as the offer
11
Q
The Mailbox Rule
A
The Mailbox Rule – An acceptance is generally effective at the time it is properly
dispatched
