Contracts

Question 1

1. What’s the first step to a contract and its elements?

Answer 1

1st Offer(offeror): the seller
• serious intent
• definite & certain terms
• communicated to the offeree
• Can revoke their offer anytime before acceptance

Question 2

2. What’s the second step to a contract and its elements?

Answer 2

2nd Acceptance (offeree):
the buyer
• Clear agreement to each and every term of the offer
• Can reject an offer
• (Mirror image) Can’t change the offer at common law, has to accept everything or the roles changes

Question 3

3. What’s the third step to a contract and its elements?

Answer 3

3rd consideration:
• Items must have value
• Something for something (quid pro quo)
• Bargained for exchange
• Benefit and detriment on both sides

Question 4

4. What’s the fourth step to a contract and its elements?

Answer 4

4th capacity:
• Of age, 18 years or older to contract
• Mentally capable of contract
• Voidable if the offeree is a minor except for necessities, food, clothing, army

Question 5

5. What are the defenses to a contract?

Answer 5

1. Illegal 2. Against public policy 3. Under duress