Chapter 10 - Agreement Flashcards
1
Q
Parties must agree to what?
A
The terms of the contract
2
Q
An agreement consists of what?
A
An offer and an Acceptance
3
Q
How many elements are necessary for an offer to be effective?
A
3
4
Q
What are the 3 elements necessary for an offer to be effective
A
Serious, objective intention by the offeror
Terms of the offer must be reasonably certain or definite
Offer must be communicated to the offeree
5
Q
What creates a legally binding contract?
A
The offeree’s Acceptance of the offer
6
Q
This is determined by what a reasonable person in the offeree’s position would conclude the offeror’s words and actions meant
A
Intent
7
Q
These are not considered offers
A
Expressions of Opinion Statements of Future Intent Preliminary Negotiations Advertisements, Catalogues, and Circulars Agreements to agree Preliminary Agreement
