This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: POL 319.01 SPRING 2012 MIDTERM REVIEW SHEET CHAPTER 10 NATURE AND TERMINOLOGY The objective theory of contracts 4 Elements of a valid contract 2 Defenses to an otherwise valid contract Bilateral v. Unilateral contract Traditional v. Modern view relating to Unilateral contracts Formal v. Informal contracts Express v. Implied-In-Fact contracts Requirements for an Implied-In-Fact contract Executed v. Executory contracts Difference between Valid, Voidable, Void and Unenforceable contracts Quasi contract Interpretation of contracts The Plain Meaning Rule CHAPTER 11 - AGREEMENT Requirements of a valid offer (serious intention, definiteness of terms and communication) Intention determined by applying objective theory of contracts Offers made in jest, anger or undue excitement Expressions of opinion Statements of future intent Invitations to negotiate Advertisements general rule Auctions (be able to contrast auctions with reserve v. auctions without reserve) Termination of Offers by Action of Parties revocation, rejection and/or counteroffer Irrevocable offers (i.e. option contracts and firm offers) Termination of Offers by Operation of Law lapse of time, destruction of subject matter,...
View Full Document
- Spring '07