Unit 3 Flashcards
(26 cards)
acceptance
an agreement to the terms of the offer 360
offeree
person who accepts the offer
offerer
person who proposes the offer
intent to accept is demonstrate by ____ and/or _____.
word, conduct 361
Mutual ______ is required for a contract to be valid
assent
The traditional contract law rule is that and acceptance must be the ______ ______ of the offer.
Mirror image 362
Any acceptance that includes new variance terms from the offer presented amounts to a _____ and a _______ of the original offer.
counteroffer, rejection 363
mailbox rule
properly addressed and dispatched acceptances can become effective when they are dispatched 367
Unilateral contract
The exchange of a promise for an act “mow my lawn and I’ll pay you $25” 370
bilateral contract
The exchange of a promise for a promise 370
what are the 2 bodies of law governing contracts
- common law
- Uniform Commercial Code (UCC) 325
All states have adopted the UCC except ______, which has only adopted portions of it.
Louisiana 326
Article 2 of the UCC applies to contracts for the sale of _____, but does not apply to sale of _______
goods, real-estate and other intangibles such as stocks and bonds because they do not constitute “goods” 326
Unconscionable contract
One that is grossly unfair or one sided 330
merchant
A person who regularly deals in the kinds of goods being sold, or pretends to have some special knowledge about the goods 330
quasi-contract
Liability is the post when one party confers a benefit on another who knowingly accepts it and retains it under circumstances that make it unjust to do so without paying for it 331
In quasi-contract cases, the plaintiff claims _____
“unjust enrichment” 331
promissory estoppel: promise that a promisor should foresee is likely to induce _____, _____ on the promissor, and _____ as a result of that ______.
reliance, reliance, injustice, reliance 334
promissory estoppel doctrine _______ require the plaintiff to demonstrate an ______
doesn’t, enforceable contract 335
3 elements of an Offer
- present intent to contract on part of the offeror
- specificity or definiteness
- whether the alleged offer has been communicated to the offeree 340
Major difference between the UCC and Common Law enforcement of contracts…
- The code is more concerned with rewarding people’s legitimate expectations then with technical rules.
- The common-law is more strictly adherent to technical rules exclusively. 329
Generally speaking, advertisements for sale of goods at specified prices are ____ considered to be offers.
NOT
Note: a highly specific ad may be an offer however if it limits acceptance to a small number of offerees 345
Advertisements offering rewards for lost property, information, or for the capture of criminals are generally treated as offers for _________
Unilateral contracts 347
The general commonl law rule of revocation
Offerors may revoke their offers at any time prior to acceptance, even if they have promised to hold the offer open for a stated period of time….there are exceptions however 352
