Quiz 2 Vocab - Test 1

Question 1

offer

Answer 1

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

Question 2

offeror

Answer 2

The party that makes the offer.

Question 3

offeree

Answer 3

the party receiving the offer and who ultimately accepts the offer.

Question 4

express contract

Answer 4

Contracts with significant, clear, definite, unambiguous terms stated orally or in writing.

Question 5

implied contract

Answer 5

One that is not manifested by words but gathered by implications or actions. Contract formed without express statement of terms, by words or actions.

Question 6

option contract

Answer 6

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

Question 7

rejection

Answer 7

to decline the offer

Question 8

counter-offer

Answer 8

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

Question 9

acceptance

Answer 9

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

Question 10

implied acceptance

Answer 10

acceptance based on behavior,partial performance or past dealings

Question 11

manifestation

Answer 11

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 12

manifestation of mutual assent

Answer 12

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

Question 13

meeting of the minds

Answer 13

another term for mutual assent. Acknowledgment that ther parties are in agreement.

Question 14

letter of intent

Answer 14

an agreement in principle. Not intended to be a contract–contract will follow

Question 15

mailbox rule

Answer 15

at common law, acceptance of an offer occurs when dispatched by appropriate means

Question 16

mirror image rule

Answer 16

in common law, the acceptance must be identical to the offer. Any deviation in language from the offer will result in a counteroffer

Question 17

by operation of law

Answer 17

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

Question 18

auction without reserve

Answer 18

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

Question 19

objective theory of contracts (objective standard)

Answer 19

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 20

quasi-contract

Answer 20

a contract that id not actually form but in fairness, the contracts will enforce to avoid unjuct enrichment

Question 21

quantum meruit

Answer 21

“as much as is deserved”. An equitable theory for the measurement of damages to avoid unjust enrichment