Chapter 11 - Agreement Flashcards
(11 cards)
Agreement
A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events-an offer by one party to form a contract
Acceptance
(1) in contract law, the offeree’s notification to the offeror that the offeree agrees to be bond by the terms of the offerors proposal.
Counteroffer
A offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
Estop
To bar, impede or preclude.
Mailbox rule
A rule providing that an acceptance of an offer becomes effective on dispatch, if mail is, expressly or impliedly an authorized means of communication of acceptance to the offeror.
Mirror image rule
A common law rule that requires, for a valid contractual agreement that the terms of the offeree’s acceptance adhere exactly to the terms of the offeror’s offer.
Mutual assent
The element of agreement in the formation of a contract. The manifestation of contract parties mutual assent to the same bargain is required to establish a contract.
Offer
A promise or commitment to perform or refrain from performing some specified act in the future.
Option contract
A contract under which the offeror cannot revoke his or her offer for a stipulated time period and the offeree can accept or reject the offer during this period without fear that the offer will be made to another person. The offeree must give consideration for the option to be enforceable.
Promissory estoppel
A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies; such a promise is binding of justice will be better served by the enforcement of the promise.
Revocation
In contract law, the withdrawal of an offer by an offeror. Unless an offer irrevocable, it can be revoked at any time prior to acceptance without liability.
