Chapter 12 Flashcards
1
Q
agreement
A
a meeting of two or more minds in regard to the terms of a contract
two events:
1. offer to form a contract
2. acceptance of the offer
2
Q
elements of an offer
A
offer - a promise or commitment to perform or refrain from performing some specified sct in the future
- intent
- definite terms - clear who the parties are, and what is subject of the contract (ie. car)
3.
3
Q
requirements of an offer
A
expression of offer
statement of future intent
preliminary negotiations
invitations to bid
advertisements and price lists
live and online auctions
4
Q
termination of offer
A
by the action of parties
operation of law
5
Q
A
