Chapter 9

Question 1

Agreement

Answer 1

consists of an offer by on party by on party, the offeror, and the acceptance of the offer by another party, the offeree

Question 2

Intent

Answer 2

purpose of goal of an action, especailly in a contract (performance, promise, silence)

Question 3

Definite & Certain Terms

Answer 3

terms in a contract that are clear, specific, and easy for a reasonable person to understand. They myst include all necessary details, such a the price, quanity, and subject matter

Question 4

acceptance of terms (mirror image)

Answer 4

acceptance must mirror terms of the offer, no contract if formed, and the attempted acceptance is a counteroffer

Question 5

Communication to the offeror (mailbox rule)

Answer 5

acceptance is vaild it is place in the mailbox, wheread a revocation is effective only when received by the offeree

Question 6

Consideration

Answer 6

The bargained-for exchange; what each party gets in exchange for his or her promise under a contract

Question 7

Contractual capacity

Answer 7

the legal ability to enter into a binding agreement

Question 8

Legal object

Answer 8

a purpose that does not voilate a stature of public policy

Question 9

lack of genuine assent

Answer 9

duress,fraud, undue influence, or misrepresentation

Question 10

lack of proper form

Question 11

Uniform Commerical Code

Answer 11

a statutory source of contract law in the United State accplicable to transaction involoving the sale of goods

Question 12

Bilateral

Answer 12

promise exchanged for a promise

Question 13

Unilateral Contracts

Answer 13

a promice exchanges for an act

Question 14

Express

Answer 14

(contract outlined in either written or spoken) getting into specifics of you want

Question 15

Implied-in-fact Contracts

Answer 15

(contracts not from words of agreements but form the conduct of the parties)

Question 16

Valid

Answer 16

(agreement (offer and acceptance) consideration, contractual capacity, legal object

Question 17

Void

Answer 17

Contract that is not valid by object is illegal

Question 18

Voidable

Answer 18

a term applied to a contract that one of both parties have the ability to either withdraw from or enforce

Question 19

Unforceable Contracts

Answer 19

A term applied to a contract that, because of a law, cannot be enforced by the court

Question 20

Excuted

Answer 20

a term applied to a contract in which all the term has been fully performed

Question 21

Executory Contracts

Answer 21

a term applied to a contract in which not all the term has been fully performed

Question 22

intent

Answer 22

purpose of goal of an action, especially in a contract

Question 23

preliminary negotiations

Answer 23

An invitation to negotiate or an expression of possible interest in an exchange is not an offer

Question 24

advertisements

Answer 24

illustrations of the invitations to make an offer is the offer or is the bidder

Question 25

auctions

Answer 25

person places a good with an actioneer for sale by auction, is the seller making an offer or is the bidder

Question 26

communication to the offeree

Answer 26

communcatied to the offeree or to the offeree's agent

Question 27

manifestation

Answer 27

of intent to be nbouand ot he contract

Question 28

elements of the acceptance

Answer 28

manifestation performance return promise silence: silence, general rule, cannot be used to form a contract

Question 29

option contract

Answer 29

an agreement whereby then offree give the offeror a piece consideration in exhange for the offeror' agreement to hold the offer open for the specified period

Question 30

rejectiong by the offeree

Answer 30

offer can be terminated is rejection by the offeree

Question 31

Death or incapacity of the Offeror

Answer 31

Offer terminaties immediately if the offeror dies or loses it legal capacity to enter the contract

Question 32

Destruction of Subsequent illegality of the Subject matter

Answer 32

if the subject if the offer is destroyed or become illegal, the offer immedatiely terminates

Question 33

Lapse of Time or failure of another condition specified in the offer

Answer 33

if the offer states that is will be held open for only a certain time, the offer will terminate when that time expires