Test #2 Flashcards
Definition of a k
mutually beneficial agreement, two or more parties, oral or written
power of acceptance
the ability of a person to accept a legally binding offer from another person. It’s used to determine if an offer has been accepted validly.
voidable k
void k
executory
executed
special offer
2- Reward, Auction
how to terminate an offer
offeror revokes the offer, death/incapacity, destruction of subject matter
manifestation of assent
The offeree must demonstrate that they have accepted and agreed to the terms of the contract
mailbox rule
offer acceptance upon dispatch
mirror image rule
an offer must be accepted exactly as it is presented, without any changes or modifications
silence
depending on the circumstances involved silence is acceptance, company sends you terms of updates yet you continue to use the service without verbally agreeing, company assumes you agree
terms, offer, acceptance
agreement, not enforceable
consideration
this is an essential part of a k, exchanging something of equal value
tangible
money, property, or services
intangible
forbearence (not legally obligated to do something), legal detriment (incurring a loss)
not consideration
illegal, pre-existing duty promise
requirements to enforce a valid k
offer, terms, acceptance, consideration
void+unenforceable
different things
requirements to enforce a promise
promise is made, reliance (RPS), accept, consideration
Law v equity
People want money/ specific performance or injunction
city of everett v mitchell
objective theory, bought safe at estate sale, precedent (contracts)
Lucy v Zehmer
sufficient intent, RPS, sale of a farm,sale of property cannot be oral
marvin v marvin
bettys sick, wants clyde to take takeover KFC, divorced him and clyde got nothing. Clyde gave up his business, decision of the court, clyde gets 50%, promise for a k
james v turilli
reward- specific and definite, no disclaimer
jones v free flight sport aviation
