Contracts Flashcards
Rejection in Installment Contract
The buyer may reject any installment which is non-conforming if the non-conformity substantially impairs the value of that installment and cannot be cured.
If the non-conformity of the installment does not substantially impair the value of the whole contract, then, if the seller gives adequate assurances to cure, the buyer must accept that installment
Offer
(1) Intent to be bound
(2) Definite and certain terms
(3) identifiable offeree
Acceptance
Unequivocal assent to terms of offer made by one with power of acceptance
Unilateral Contract
One wherein only full performance is acceptance.
Unless an offer specifically provides that it may be accepted by performance only, it will be construed as an offer to enter into a bilateral contract.
Implied in Fact Contract
Formed by manifestations of assent by conduct rather than oral or written language. Still requires an intent to accept offer.
Consideration
A bargained-for exchange of legal value between the parties.
The promise must induce the detriment and the detriment must induce the promise.
Lack of Capacity
One whose mental capacity is so deficient that he is incapable of understanding the nature and significance of a contract may disaffirm when lucid or by a legal representative