Lesson 6 and 7 Flashcards
What must be in a contract?
agreement between two parties that create an obligation
jests
a reasonable person decides if an offerer or offeree is joking
statements made in anger or terror
not valid
preliminary negotiations
information communicated merely to induce someone to initiate a bargainer
social agreements
not contracts ex: going to a movie with friends
offer must be communicated to the offeree
true
essential items must be completed and defined
true
complete
identify the price, subject matter, quantity directly or indirectly
offeror
person who makes offer
offeree
person to whom the offer is made
consideration
promisor demands and generally must relieve in order to make their promise legally enforceable
express contract
all terms are expressly stated orally or in writing
implied in fact contract
terms not expressly stated but can be inferred from the parties’ acts or conduct
ex: eating out you will pay
unilateral contract
offeror promises something in return for the offeree’s performance and indicates that his performance is the way acceptance is to be made
bilateral contract
formed by a mutual exchange of legally binding promises
Ex: buying a car
offer
Prospal by an offeror to do something
three items required for an offer
- contractual intent must be present in the offer
- the offer must be communicated with the offeree
- essential terms of the offer must be completed
what will dictate a price?
the market price
revocation by the offeror
right to withdraw an offer before it’s accepted
reasonable length of time
tomatoes vs bulldozer
counteroffer
I refuse our offer here is my proposal
options
separate contract arising when the offeree gives the offeror something of value for a promise to leave on offer open
firm offers
contractual proposal in writing by a merchant stating how long the offer is to stay open
acceptance must match the offer
mirror image rule
mirror image rule
requires that the acceptance must exactly match the terms contributed in the offer
the relationship
parent/child/lawyer/client influence in a negative way
valid
legally binding and enforceable contract
materiality
a false statement will always be materiality makes it valid
unilateral mistake
allows when 1 party holds an incorrect belief about facts or a law related to a contract (still valid)
material facts
important facts that influence the parties’ decisions about the contract
5 reasons Britney did not need a conservatorship
she was mentally capable, she could contact her attorney over and over, and she was;t old like most conservatorship old people need in their 90s, managing her kids and was allowed to take care of them on tour, she was able to write and make music-making her competent, trying to reach out to anyone finding ways to sneak away around her dad and mangar, taken advantage of by her dad for millions, she was able to manage herself and take care of her empire before her dad and before her different managers
offer and acceptance
both parties agree on terms without changes
genuine assent
no deceptions or unfair pressure
legality
can’t be a crime
consideration
on every contract
capacity
legal ability to contract for themselves
proper form
some contracts need to be in writing
genuine assent
true and complete agreement
voidable
cancel or avoid if no genuine assent
ratification
acting toward the contract as one intends to be bound by it
duress
when someone threats
undue influence
pressuring someone to do bad things
recission
get back what has already been put into the contract
