Formation Contracts Flashcards
- What is required for a contract’s formation?
o Intention to be legally bound and a sufficient agreement
- What is an offer in contract law?
o A proposal intended to create a binding contract upon acceptance
- What distinguishes an offer from an invitation to negotiate?
o An offer includes definite terms for agreement.
- What are preparatory acts in contracts?
o Steps like negotiations leading to a contract.
- What is acceptance in contract law?
o A statement or conduct indicating assent to an offer.
- Can silence constitute acceptance?
o No, silence or inactivity does not imply acceptance
- When is a contract concluded via mail?
o Upon receipt of acceptance by the offeror.
- What governs the revocation of an offer?
o Article 2:202, Principles on European Contract Law.
- When can an offer be revoked?
o Before acceptance, unless it is irrevocable
- What is the receiving theory in contract law?
o A contract is concluded when acceptance is received.
- What is the sending theory in contract law?
o A contract is concluded when acceptance is dispatched.
- What is the information theory in contract law?
o A contract is concluded when the offeror is informed of acceptance
- What is an irrevocable offer?
o An offer that cannot be withdrawn within a fixed time.
- What are obligations during negotiations?
o Acting in good faith and avoiding undue influence
- What is the “place of conclusion” in contracts?
o Where the offeror receives acceptance.
