Quiz 2 Definitions Flashcards
Offeror
The party that makes the offer
Offer
An indication of a willingness to enter into a contract that is communicated to the offeree
Offeree
The party receiving the offer and who ultimately accepts the offer
Express contract
A contract with significant clear definite unambiguous terms stated orally or in writing
Implied contract
A contact that is not manifested by words but gathered by implications or actions. Contract formed without express statement of terms by words or actions
Option contract
A contract with a promise to keep an offer open for a stated period of time
Rejection
To decline the offer
Counter offer
A rejection of the original offer made by the offeror by the substitution of a new offer made by the original offeree
Acceptance
A manifestation of assent to the terms of the offer made in such a manner as invited or required by the offer
Implied acceptance
Acceptance based on behavior, partial performance or past dealings
Manifestation
An act, or actions, or a combination of words or actions. It is an outward expression. It is an act of showing or demonstrating something
Manifestation of mutual assent
Appearance that an agreement has been reached and there is a meeting of the minds between parties
Meeting of the minds
Another term for mutual assent. It is the acknowledgement that the parties are in agreement.
Letter of intent
An agreement in principle, not intended to be a contract, contract will follow
Mailbox rule
At common law- acceptance of an offer occurs when dispatched by appropriate means
Mirror image rule-
In common law- the acceptance must be identical to the offer. Any deviation in language from the offer will result in a counter offer!
By operation of law
Offer is terminated by events such as death of a party, illegality, passage of time, or by destruction of the subject matter
Auctions without reserve
Offer to sell at auction cannot be revoked by seller even if the bids are disappointingly low
Objective theory of contracts(objective standard)
Theory used to determine if there was a meeting of the minds. Have the parties reached mutual assent? Would ORP person believe a contract was formed?
Quasi- contract
A contract that did not actually form but in fairness the courts will enforce to avoid unjust enrichment
Quantum meruit
As much as he deserved. An equitable theory for the measurement of damages to avoid unjust enrichment
