chapter 14 Flashcards

1
Q

intent

A

first element of an offer; the offeror must show intent to be bound by the offeree’s acceptance

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2
Q

definite and certain

A

all the material terms must be included

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3
Q

material terms

A

allow a court to determine damages in the event that one of the parties breaches the contract

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4
Q

communication

A

third element; the offer must be communicated to the offeree or the offeree’s agent

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5
Q

termination

A

can occur by revocation by the offeror, rejection or counteroffer by the offeree, death or incapacity of the offeror, destruction or subsequent ullegality of the subject matter of the offer, or lapse of time or failure of other failure of other conditions stated in the offer

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6
Q

revocation

A

effective when the offeree receives it

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7
Q

option contract

A

the offeree gives the offeror a piece of consideration in exchange for holding the offer open for the specified period of time

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8
Q

rejection

A

regardless of how long the offer was stated to be open, once the offeree rejects it, it is terminated

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9
Q

counteroffer

A

defined by the Restatement as “an offer made by an offerr to his offeror relating to the same matter as the original offer and proposing a substituted bargain differing from that proposed by the original offer

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10
Q

acceptance

A

there should be a manifestation of intent to be bound by the acceotance to the contract, agreement to the definite and certain terms of the offer, and communication to the offeror

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11
Q

mirror-image rule

A

says that the terms of the acceptance must mirror the terms of the offer

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12
Q

mailbox rule

A

provides that an acceptance is valid when the offeree places it in the mailbox, whereas a revocation is effective only when the offerr recieves it

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