Chapter 10: Mutual Assent Flashcards

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1
Q

Offer

A

A proposal indicating a willingness to enter into a contract.

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2
Q

Offeror

A

Person making the offer.

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3
Q

Offeree

A

Person to whom the offer is made.

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4
Q

Communication

A

Offeree must have knowledge of the offer and the offer must be made by the offeror her authorized agent to the offeree.

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5
Q

Intent

A

Determined by an objective standard of what a reasonable offeree would have believed.

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6
Q

Without reserve

A

Auctioneer may not withdraw the goods from the auction.

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7
Q

Definiteness

A

Offer’s term must be clear enough to provide a court with a basis for giving an appropriate remedy.

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8
Q

Good faith

A

Honesty in fact in the observance of reasonable commercial standards of fair dealing.

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9
Q

Commercial reasonableness

A

Judgment of reasonable person familiar with the type of business transaction involved.

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10
Q

Output contract

A

An agreement of a buyer to purchase the entire output of a seller’s factory.

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11
Q

Requirements contract

A

An agreement of a seller to supply a buyer with all his requirements for certain goods.

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12
Q

Lapse of time

A

Offer remains open for the time specified or, if no time is stated, for a reasonable period of time.

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13
Q

Revocation

A

Cancellation of an offer by an offeror; generally, an offer may be terminated at any time before it is excepted.

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14
Q

Option Contract

A

Contract providing that an offer will stay open for a specified period of time.

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15
Q

Consideration

A

The inducement to enter into a contract,, consisting of an act or a promise that has legal value.

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16
Q

Firm offer

A

Irrevocable offer by a merchant to sell or buy goods, made an assigned writing that gives assurance that it will not be revoked for up to three months.

17
Q

Statutory irrevocability

A

Offer made irrevocable by statute.

18
Q

Irrevocable offer of unilateral contracts

A

A unilateral offer may not be revoked for a reasonable time after performance is begun.

19
Q

Promissory estoppel

A

Non-contractual promise that binds to promise her because she should reasonably expect that a promise will induce the promisee (offeree) to take action in reliance on it.

20
Q

Rejection

A

The refusal to except an offer.

21
Q

Counter offer

A

Counter proposal to an offer.

22
Q

Conditional acceptance

A

Acceptance of an offer contingent upon the acceptance of an additional or different term.

23
Q

Death or incompetency

A

Of either of the offeror or the offeree terminates the offer.

24
Q

Distraction of subject matter

A

Of an offer terminates the offer.

25
Q

Subsequent illegality

A

Of the purpose or subject matter of the offer terminates the offer.

26
Q

Acceptance

A

Manifestation of a willingness to enter into a contract on the terms of the offer.

27
Q

Effective moment

A

Acceptance affective upon dispatch unless the offer specifically provides otherwise or the offeree uses an unauthorized means of communication.

28
Q

Stipulated provisions in the offer

A

The communication of acceptance must conform to the specifications in the offer.

29
Q

Authorized means

A

Usually any reasonable means of communication.

30
Q

Unauthorized means

A

Acceptance affective when received, provided that it is received within the time within which the authorized means would have arrived.

31
Q

Acceptance following a prior rejection

A

First communication received by the offeror is effective. 

32
Q

Defective acceptance

A

Does not create a contract but serves as a new offer.

33
Q

Mirror image rule

A

An acceptance cannot deviate from the terms of the offer.