Lesson 6 and 7

Question 1

What must be in a contract?

Answer 1

agreement between two parties that create an obligation

Question 2

jests

Answer 2

a reasonable person decides if an offerer or offeree is joking

Question 3

statements made in anger or terror

Answer 3

not valid

Question 4

preliminary negotiations

Answer 4

information communicated merely to induce someone to initiate a bargainer

Question 5

social agreements

Answer 5

not contracts ex: going to a movie with friends

Question 6

offer must be communicated to the offeree

Answer 6

true

Question 7

essential items must be completed and defined

Answer 7

true

Question 8

complete

Answer 8

identify the price, subject matter, quantity directly or indirectly

Question 9

offeror

Answer 9

person who makes offer

Question 10

offeree

Answer 10

person to whom the offer is made

Question 11

consideration

Answer 11

promisor demands and generally must relieve in order to make their promise legally enforceable

Question 12

express contract

Answer 12

all terms are expressly stated orally or in writing

Question 13

implied in fact contract

Answer 13

terms not expressly stated but can be inferred from the parties’ acts or conduct
ex: eating out you will pay

Question 14

unilateral contract

Answer 14

offeror promises something in return for the offeree’s performance and indicates that his performance is the way acceptance is to be made

Question 15

bilateral contract

Answer 15

formed by a mutual exchange of legally binding promises
Ex: buying a car

Question 16

offer

Answer 16

Prospal by an offeror to do something

Question 17

three items required for an offer

Answer 17

1. contractual intent must be present in the offer
2. the offer must be communicated with the offeree
3. essential terms of the offer must be completed

Question 18

what will dictate a price?

Answer 18

the market price

Question 19

revocation by the offeror

Answer 19

right to withdraw an offer before it’s accepted

Question 20

reasonable length of time

Answer 20

tomatoes vs bulldozer

Question 21

counteroffer

Answer 21

I refuse our offer here is my proposal

Question 22

options

Answer 22

separate contract arising when the offeree gives the offeror something of value for a promise to leave on offer open

Question 23

firm offers

Answer 23

contractual proposal in writing by a merchant stating how long the offer is to stay open

Question 24

acceptance must match the offer

Answer 24

mirror image rule

Question 25

mirror image rule

Answer 25

requires that the acceptance must exactly match the terms contributed in the offer

Question 26

the relationship

Answer 26

parent/child/lawyer/client influence in a negative way

Question 27

valid

Answer 27

legally binding and enforceable contract

Question 28

materiality

Answer 28

a false statement will always be materiality makes it valid

Question 29

unilateral mistake

Answer 29

allows when 1 party holds an incorrect belief about facts or a law related to a contract (still valid)

Question 30

material facts

Answer 30

important facts that influence the parties' decisions about the contract

Question 31

5 reasons Britney did not need a conservatorship

Answer 31

she was mentally capable, she could contact her attorney over and over, and she was;t old like most conservatorship old people need in their 90s, managing her kids and was allowed to take care of them on tour, she was able to write and make music-making her competent, trying to reach out to anyone finding ways to sneak away around her dad and mangar, taken advantage of by her dad for millions, she was able to manage herself and take care of her empire before her dad and before her different managers

Question 32

offer and acceptance

Answer 32

both parties agree on terms without changes

Question 33

genuine assent

Answer 33

no deceptions or unfair pressure

Question 34

legality

Answer 34

can't be a crime

Question 35

consideration

Answer 35

on every contract

Question 36

capacity

Answer 36

legal ability to contract for themselves

Question 37

proper form

Answer 37

some contracts need to be in writing

Question 38

genuine assent

Answer 38

true and complete agreement

Question 39

voidable

Answer 39

cancel or avoid if no genuine assent

Question 40

ratification

Answer 40

acting toward the contract as one intends to be bound by it

Question 41

duress

Answer 41

when someone threats

Question 42

undue influence

Answer 42

pressuring someone to do bad things

Question 43

recission

Answer 43

get back what has already been put into the contract