Contracts Flashcards
1
Q
unilateral contract
A
promise for an act
2
Q
bilateral contract
A
promise for a promise
3
Q
common law
A
RISE real estate insurance services employment
4
Q
UCC
A
Uniform Commercial Code
sale of goods
5
Q
contract
A
offer
acceptance
consideration
6
Q
offer
A
terms are definite intent communicated (received)
7
Q
are advertisements offers?
A
generally not because they are not addressed to anyone in particular
8
Q
termination of offer
A
expiration revocation rejection counteroffer operation of law (death, illegality)
9
Q
revocation
A
allowed before acceptance, unless consideration given
10
Q
acceptance
A
effective when received
mirror rule
- agree to all terms and conditions
early acceptance rule, mailbox rule
- if accepting, communicated when sent
11
Q
consideration
A
of value, legally sufficient
no pre-existing duty
bargained for
past consideration is not binding
