Quiz 5 Flashcards
contract equation
offer + acceptance = agreement
3 legal elements of a valid offer
- communication
- commitment
- definite terms
once the offeree receives a valid offer, he/she can make these 3 legal decisions
- counteroffer
- reject
- accept
3 legal element of valid acceptance
- communicated to the offeror himself
- absoulute and unqualified
- made in the mode prescribed
- express or implied
- prescribed within as reasonable time
list the 4 statue of fraud categories
- real estate
- paying someones debt
- 1+ year service contract
- over $500
if a verbal agreement is ____ the statute of frauds a ___ is not legally required
within
writing is
under the general rule of who must sign a required statue of fraud writing if less than all parties sign, it at last must be signed by the _____
defendant of the party to be charged
what is the parol evidence rule
you can’t change or modify the contract after the fact , exception is if the contract is unclear and ambiguous
non competition employment contracts are valid if _____, as to scope, ____ and ____
reasonable
time
area
florida follows the ____ rule of minors contracts
majority
the ____ rule of minor’s contracts allows the adult to receive credit for the cost of rpeair, use and depreciation to the goods sold
minority
the 2 exceptions to minors contracts
necessities of life
mental impairment
self created mental impairment (alcohol/drugs) will not allow a party to cancel his contract unless:
impaired by the other party
contracts naming you as a third party outsider beneficiary ____ enforceable by you as ___ beneficiary
are
intended
if your contract violates the law it is a _____ contract
void
