Business Law- Chapter 10 Flashcards

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1
Q

Agreement

A

The manifestation by tow or more persons of the substance of a contract.

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2
Q

Offer

A

“The manifestation of willingness to enter into a bargin, so made as to justify another person in understading that his assent to that bargin is invited and will conclude it”

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3
Q

Objective Theory of Contracts

A

A theory that says the intent to contract is judged by the reasonable person standard and not by the subjuctive intent of the parties.

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4
Q

Implied Term

A

A term in a contract that can reasonably be supplied by the courts.

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5
Q

Advertisement

A

An invitation to make an offer, or an actual offer.

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6
Q

Reward

A

An award given for performance of some service or attainment. To collect a reward, the offeree must 1. have knowledge of the reward offer prior to completing the requested act and 2. perform the requested act.

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7
Q

Auction with Reserve

A

An auction in which the seller retains the right to refuse the highest bid and withdraw the goods from sale. Unless expressly stated otherwise, an aution is an auction with reserve.

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8
Q

Auction without Reserve

A

An auction in which the seller expressly gives up his or her right to withdraw the goods from sale and must accept the highest bid.

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9
Q

Revocation

A

Withdrawl of an offer by the offeror which terminates the offer.

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10
Q

Rejection

A

Express words or conduct by the offeree that rejects an offer.

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11
Q

Counteroffer

A

A response by an offeree that contains terms and conditions different from or in addition to those of the offer.

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12
Q

Supervening Illegality

A

The enactment of a statute, regulation, or court decision that makes the object of an offer illegal.

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13
Q

Lapse of Time

A

A state time period after which an offer terminates. If no time is stated, an offer terminates after a reasonable time.

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14
Q

Acceptance

A

“A manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offer as measured by the objective theory of contracts.

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15
Q

Mirror Image Rule

A

A rule which states that for an acceptance to exist, the offeree must accept the terms as stated in the offer.

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16
Q

Mailbox Rule

A

A rule that states that an acceptance is effective wehn it is dispatched, even if it is lost in transmission.

17
Q

Proper Dispatch

A

A proper addressing, packaging, and posting of an acceptance.

18
Q

Express Authorization

A

A stipulation in an offer that says the acceptance must be by a specified means of communication.

19
Q

Implied Authorization

A

A mode of acceptance that is implied from what is customary in similar transactions, usage of trade or prior dealings between the parties.