Review for test 2 (Ch 10-18)

Review for test 2 (Ch 10-18) - TEST II REVIEW CONTRACTS...

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TEST II REVIEW CONTRACTS CHAPTERS 10 - 18
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LOGISTICS DATE : Wednesday, March 19th LOCATION : In class TIME ALLOCATION : 75 Minutes MATERIAL COVERED : Chapters 10 -18 YOU NEED : Scantron Form 882e and a #2 Pencil QUESTIONS : 50 Questions (25 T/F and 25 Multiple Choice) GRADING : 100 Total Points (50 Questions, 2 Points Each)
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CHAPTER 10 – INTRODUCTION TO CONTRACTS Definition of a Contract A contract is a promise that the law will enforce Types of Contracts Bilateral v. Unilateral Contracts Executory v. Executed Contracts Valid, Unenforceable, Voidable and Void
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CHAPTER 10 – INTRODUCTION TO CONTRACTS Remedies Created by Judicial Activism Promissory Estoppel (TA job) Quasi-Contract (mow lawn, hospital)
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CHAPTER 11 - AGREEMENT Offer Offeror and Offeree The terms of the offer must be definite Termination of Offers Termination by Revocation Termination by Rejection (counter offer) Termination by Expiration Termination by Operation of Law (illegal, death, subject matter terminated, mental retardation)
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CHAPTER 11 - AGREEMENT Acceptance Communication of Acceptance Medium and Manner of Acceptance Counteroffer is a rejection Mirror Image Rule Promissory Estoppel
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CHAPTER 12 - CONSIDERATION The doctrine of Consideration exists for one purpose: to distinguish promises that are binding from those that are not A bargain and an exchange Promisor v. Promisee
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