R5 + R6

R5 + R6 - Term Definition Unilateral contract 1 promise...

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Term: Unilateral contract Definition: 1 promise exchanged for performance. A contract is not formed until the performance is completed. Term: Bilateral contract Definition: 2 promises exchanged for a promise. A contract is formed as soon as promises exchanged. Term: Executed contract Definition: All Duties under the contract have been performed. Term: Step 1source of contract law - common law Definition: RISE- not sale goods. Involve real estate, insurance, services, and employment are governed by common law. All terms. Term: Step 1source of contract law - Uniform commercial code (UCC) sales article. Definition: US article 2 governs contracts for the sale of goods (moveable things). Qty.
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Term: Creation of a contract Definition: GR: 1). Agreement made up of an offer and an acceptance. 2). Exchange consideration (legal value). 3). A lack of defense (a gun to ur head). Term: To be an offer: Definition: 1)? Was there an intent to contract. 2). Was there definiteness and certainty in the essential terms. 3). Must be communicated. Term: Intent to make a contract Definition: Must be reasonable. No obvious joke to be an offer. Term: Advertisement Definition: Not an offer. It's an invitation seeking offers. Term: Exception advertisement to be an offer Definition: Specifying offeree: the first five customer can buy this coffeemaker for only $1.
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Term: 3 ways to terminate an offer 1of 3 Definition: 1) revocation by offeror: change ur mind before acceptance even if u promise to keep the offer open. Direct or indirect (oral or written): conduct sell to someone else or directly call the offeree. Term: Exception for revocation Definition: 1). Option contract: offeree exchange for consideration. 2). Unilateral contracts: counter promise to complete performance. 3). UCV sales. Term: 2 of 3 ways of terminate an offer Definition: 1). Express "say no" or counteroffer (offeror is not the offeree). 2). Mere inquiry = bargain is not rejections. 3). Lapse of time: offeree must accept the offer within specific time or if no time specified then with reasonable time. Silence is rejection. Term: 3 of 3 ways to terminate an offer Definition: Death, illegally product, destructive of subject matter (product is destroyed).
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Term: Method of acceptance Definition: Express or implied. May be accepted by mail, fax, etc. offeree can only accept it unless its an option contract are assignable. Term: Mailbox rule - Definition: Offers, rejections, revocations and counteroffers effective when rec'd. However, acceptance is effective when they are "sent". Term: Exception to mailbox rule Definition: States that the acceptance must be Rec'd to be valid. Term: Valid Offer and acceptance Definition: Must be supported by legally sufficient consideration: bargain for an exchange, must be a legal value. Offeree (promisee) agree to do something that he/she is not obligated to do. Donation to charity may be enforceable when the donee is relying on it (hospital).
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Term: Consideration of valid contract Definition: 1). Need not have monetary value = quit smoking for money. 2). Fairness is not required. 3). Preexisting legal duties not sufficient = police or teacher.
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