Chapter 10 and 11

Question 0

Five(six) parts of Julia Child’s Recipe

Answer 0

• offer(mutual agreement)
• acceptance(mutual agreement)
• mutual legal comsideration
• contractual capacity
• legal subject matter
• signed writing(statute of frauds)
  
  • only six subjects need this

Question 1

What are three conditions required for acceptance?

Answer 1

• absolute
• unconditional
• communicated

Question 2

What are the three parts of an offer?

Answer 2

• serious intent
• reasonably complete
• communicated

Question 3

What is Lucy vs zehmer about?

Answer 3

objective theory of contract

Question 4

What do contracts make?

Answer 4

contracts are the way we and businesses make law

Question 5

what is the definition of a contract?

Answer 5

• set of promises
• that the courts will enforce
• distinguish between prises that are moral and promises that are legally binding.

Question 6

initiator

Answer 6

=”or” ending

person who initiates

Question 7

recipient

Answer 7

“ee” ending

-person who receives

Question 8

what is mutual agreement?

Answer 8

in case law refers to “meeting of the minds”

Question 9

What is mutual legal consideration?

Answer 9

each party gives each other something often promises

Question 10

what is contractual capacity

Answer 10

can make contracts
age capacity=18 years old
mental capacity=not crazy
marital property=have to have both spouses consent

Question 11

What is legal subject matter?

Answer 11

“contract killings”: contracts to commit crimes, torts, against public policy

Question 12

What is the statute of frauds?

Answer 12

-six subjects that have to be signed and in writing to be enforced.

Question 13

What does bilateral mean?

Answer 13

promise for a promise

Question 14

what does unilateral mean?

Answer 14

promise for an act

Question 15

what does formal mean?

Answer 15

requires special form for creation

-writing, signed with a seal

Question 16

what does informal mean?

Answer 16

requires no special form for creation: no seal

Question 17

what does express mean?

Answer 17

formed by words (oral, written or a combination)

Question 18

what does implied mean?

Answer 18

formed by the conduct of the parties

-accept benefit knowing that it wasn’t a gift

Question 19

what does executed mean?

Answer 19

fully performed contract

Question 20

what does void mean?

Answer 20

no contract exists

Question 21

what does uenforceable mean?

Answer 21

a contract exists, but it cannot be enforced because of a legal defense.

Question 22

what is a quasi contract?

Answer 22

get awarded quantum meruit

Question 23

explain offers

Answer 23

• Have to be made with serious intent
• reasonably complete
  
  • needs all ingredients offeror, offeree,mutual consideration, capacity

Question 24

what is the uniform commercial code?

Answer 24

tries to modernize law of business

Question 25

Explain Acceptance

Answer 25

• absolute
• unconditional(unequivacol)
  
  • yes.(nothing else)
  • any condition after yes, kills the offer.
  • offer is terminated or there is new offer
• communicates

Question 26

What is a statement of future intent?

Answer 26

• neither acceptance nor offers
• advertisements are not offers
• advertisements for rewards are offers

Question 27

iWhat are the 9 items on the “Terminator List”

Answer 27

• revocation
• rejection
• counteroffer
• lapse of set time
• lapse of reasonable time
• destruction of subject matter
• death or incapacity of offeror or offeree
• illegality
• acceptance

Question 28

explain objective theory of contracts.

Answer 28

party’s intention to wnter into legally binding contract judged by hiw party acted or appeared(written oral words) and the circumstances surrounding the transcation.