Chapter 10: Agreement

Question 1

agreement

Answer 1

the manifestation by two or more persons of the substance of a contract.

Question 2

mutual assent (meeting of the minds)

Answer 2

an assent by the parties–a “meeting of the minds”–to performcurrent or future contractual duties.

Question 3

contract

Answer 3

an agreement that is enforceable by a court of law or equity. “a contract is a promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty” (restatement [second] of contracts).

Question 4

offer

Answer 4

the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding tha his assent to that bargain is invited and will conclude it.

Question 5

express terms

Answer 5

terms in offers and contracts that expressly identify the parties, the subject matter of the offer or contract, the consideration to be paid by the parties, and the time of performance, as well as other terms in the offer and contract.

Question 6

implied terms

Answer 6

a missing term that is no expressly stated in an offer or contract that can reasonably be supplied by the courts if a reasonabe term and be implied from other sources.

Question 7

advertisement

Answer 7

an invitation to make an offer, or an actual offer

Question 8

invitation to make an offer

Answer 8

a general rule that states that an advertisement for the sale of goods, even at a specific price, is treated as an invitation to make an offer and not an offer.