REVIEW SHEET midterm - Offers 1 Contractual intent a Price...

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REVIEW SHEET Definitions/General Concepts 1. executory contract; executed contract- contract that needs to be done; contract that is done 2. implied contract- interaction with someone means there is a contract 3. voidable; void 4. burden of proof- 5. TORT- intentional and Unintentional 6. Review intentional torts that are not crimes 7. employment contracts for a term, at will 8. summary judgment; issues of fact 9. power of attorney; attorney in fact Types of Contracts 1. bilateral contract- accepted when act is completed 2. unilateral contract- once a unilateral contract starts contract can not be revoked 3. Quasi contract- “hidden void rule” parties never meet
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Unformatted text preview: Offers 1. Contractual intent a. Price quotations- “first come first serve” b. Statements of intentions- must state what you intend; preliminary negotiations- c. Agreements to make a contract 2. Definite. Illusory promise Termination of An Offer 1. Offeror revokes his offer by words a. Revocation of a unilateral contract b. Option contracts 2. oferee rejects the offer 3. counter offer by the oferee 4. death o f oferror or offeree, before and after contract formation 5. lapse of time- offer dies after time Acceptance by the oferee...
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