Quiz 2 Definitions

Question 0

Offeror

Answer 0

The party that makes the offer

Question 1

Offer

Answer 1

An indication of a willingness to enter into a contract that is communicated to the offeree

Question 2

Offeree

Answer 2

The party receiving the offer and who ultimately accepts the offer

Question 3

Express contract

Answer 3

A contract with significant clear definite unambiguous terms stated orally or in writing

Question 4

Implied contract

Answer 4

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

Question 5

Option contract

Answer 5

A contract with a promise to keep an offer open for a stated period of time

Question 6

Rejection

Answer 6

To decline the offer

Question 7

Counter offer

Answer 7

A rejection of the original offer made by the offeror by the substitution of a new offer made by the original offeree

Question 8

Acceptance

Answer 8

A manifestation of assent to the terms of the offer made in such a manner as invited or required by the offer

Question 9

Implied acceptance

Answer 9

Acceptance based on behavior, partial performance or past dealings

Question 10

Manifestation

Answer 10

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

Question 11

Manifestation of mutual assent

Answer 11

Appearance that an agreement has been reached and there is a meeting of the minds between parties

Question 12

Meeting of the minds

Answer 12

Another term for mutual assent. It is the acknowledgement that the parties are in agreement.

Question 13

Letter of intent

Answer 13

An agreement in principle, not intended to be a contract, contract will follow

Question 14

Mailbox rule

Answer 14

At common law- acceptance of an offer occurs when dispatched by appropriate means

Question 15

Mirror image rule-

Answer 15

In common law- the acceptance must be identical to the offer. Any deviation in language from the offer will result in a counter offer!

Question 16

By operation of law

Answer 16

Offer is terminated by events such as death of a party, illegality, passage of time, or by destruction of the subject matter

Question 17

Auctions without reserve

Answer 17

Offer to sell at auction cannot be revoked by seller even if the bids are disappointingly low

Question 18

Objective theory of contracts(objective standard)

Answer 18

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?

Question 19

Quasi- contract

Answer 19

A contract that did not actually form but in fairness the courts will enforce to avoid unjust enrichment

Question 20

Quantum meruit

Answer 20

As much as he deserved. An equitable theory for the measurement of damages to avoid unjust enrichment