Contract Basics Flashcards
Learning the fundamental theory of contract law
1
Q
What is the contract equation?
A
O + A + C + I
2
Q
What is an offer?
A
A clear and unambiguous statement of the terms upon which the offeror is willing to contract should the offeree decide to accept
3
Q
What is an invitation to treat?
A
A statement made without intending a contract to result if the other party indicates his consent.
4
Q
What is acceptance?
A
A final and unequivocal expression of agreement to the terms of an offer
5
Q
What does a counteroffer do?
A
If an attempt is made to vary the terms of the offer it will not constitute acceptance and may amount to a counteroffer which renders the original offer incapable of being accepted.
6
Q
A
7
Q
A
