LEGL2700- Roessing Test 3 Questions And
Answers
implied-in-law contract when the law implies a duty on a party to the second even though
there is no contract between them
"quasi-contract"
enforceable contract the court upholds the validity of a promise
unenforceable contract a defense exist...
implied-in-law contract when the law implies a duty on a party to the second even though
there is no contract between them
"quasi-contract"
enforceable contract the court upholds the validity of a promise
unenforceable contract a defense exists that denies the legal enforcement of an agreement
valid contract an agreement is enforceable because all the essential requirements are
present
void contract an agreement that lacks an essential requirement for validity and
enforceability
voidable contract an agreement when at least one party has the right to withdraw from the
promise made without incurring any legal liability
, LEGL2700- Roessing Test 3 Questions And
Answers
executed contract a contract in which the parties have performed their promises
executory contract when the parties have not yet performed their agreement
offer contains a specific promise and a specific demand
offeror person making the offer
offeree the person to whom the offer is made
revocation when the offeror retracts the offer before the acceptance
rejection when the offeree rejects the offer
counteroffer when the offeree makes a counterproposal
, LEGL2700- Roessing Test 3 Questions And
Answers
lapse of time when the offeree fails to accept by a deadline defined in the offer or after a
reasonable period of time
termination the offeree's legal power to bind the offer ends
subject matter destruction when the object of the contract is destroyed or legally
eliminated
offeror death or insanity when the offeror no longer has the capacity to make the offer
subject matter illegality when a change in the law renders the agreement illegal,
acceptance is no longer possible
acceptance necessary to create a valid, enforceable contract
mirror image rule the acceptance of a contract must mirror the offer-- match it exactly
prior course of dealing the way two people have done business in the past
, LEGL2700- Roessing Test 3 Questions And
Answers
mailbox rule the acceptance of an offer becomes binding when it is "deposited" with the
postal service
"deposited acceptance rule"
consideration the legal mechanism for evaluating the existence of an incentive
accord and satisfaction an agreement and the payment to resolve a dispute over the
amount owed
illusory one party is not truly bound to a contract
firm offer when a merchant offering goods promises in writing that the offer will not be
revoked for a period not to exceed 3 months
option an agreement to not revoke an offer
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