unqualified willingness to go along with offer. |
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legal ability to enter into a contract |
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exchange of things of value |
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valid offer met by valid acceptance |
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contract must not violate statutes |
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proposal of one party to another |
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Some contracts are required to be written (such as those dealing with real estate) |
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Person who make the offer |
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Person who accepts or rejects the offer |
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Unfair persuasive pressure on another person |
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An untrue statement of fact without knowledge |
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deliberate deception to secure an unfair gain |
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Mistake by two parties-voids contract |
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mistake by one party-does not void contract |
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Threats to a person’s business. |
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Overcoming a person’s will by force |
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Ends the offer and makes the offeree the offeror. |
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What is the minor Image rule |
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For acceptance can the method be silenced |
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Party to whom an offer is made |
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Signed writing by a merchant stating how long it is to stay open. |
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Response by offeree, with new terms, which ends the original offer. |
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Requirement that the terms in an acceptance exactly match the terms in the offer. |
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Affirmative response necessary to transform an offer into a contract. |
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Contract to leave an offer open for a period of time in exchange for other consideration. |
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Agreement that is legally effective and enforceable in court. |
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The person who makes the offer. |
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Contract that has been fully performed. |
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Composed of prize, chance, and consideration. |
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A bet on the outcome of an event. |
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Exist when some element of an enforceable contract is missing. |
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License granted only to earn revenue for the licensing body. |
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License required of professionals certifying they can perform adequately. |
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Which of the following is not part of the 6 parts of contract? |
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Severing of the parent-child relationship |
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Within the range of authorized acts |
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Goods and services needed to sustain life |
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State of being unable to understand the consequences of because of alcohol or drugs |
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Act after regaining capacity indicating intent to be bound by the contract |
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Ability to understand that a contract is being made and the consequences thereof |
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Giving back what you have received under a contract and requesting the return of what you gave |
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Period of time when a young person lacks full contractual capacity |
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A severe mental illness, retardation, or senility |
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Either 18, 19, or 21 in most states |
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One who has not yet reached the age of majoritY |
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