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LEGL 2700 Hackleman Test 2 Questions And 100% Correct Answers A+ Graded
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LEGL 2700 Hackleman Test 2 Questions And 100%Correct Answers A+ Graded
Requirements for an Enforceable Contract
(5 REQUIREMENTS)
An offer to form a contract
Acceptance of the offer
Consideration of each promise
Capacity of each party to enter into a binding contract
Legality of subject matter
Revocation
Summary: The revocation is an official process, which means invalidation or recalling of
right, agreement, or a document. Examples include recalling a contract, license, will,
and power of attorney. It voids any legal effect or obligation with regard to it, usually
involving heavy legal proceedings in its process.
Revocation
Rejection: the act of declining an offer, proposal, or application. It can also mean the
refusal or non-acceptance by the court or authority of a legal claim, motion, or defense
put forwarded. When an offer is rejected it tends to terminate that offer, since it cannot
be longer valid nor enforceable.
Counteroffer
A counteroffer is a response to an original offer where the offeree proposes alternative
terms or conditions. In other words, the offeree is rejecting the original offer and making
a different offer for the original offeror to accept or reject. A counteroffer cancels the
original offer and initiates a new negotiation in which the original offer is no longer in
effect.
,Lapse of Time
If the offer had specified a period after which the offer would expire and such a period
expires before the making of an acceptance, it would amount to a lapse of time. Where
there is no specification of any period in the offer, the same would remain open for a
reasonable length of time given the circumstances. If that length of time passes, the
offer automatically dies. If, at any later time, the offeree accepts the offer, no binding
contract can be said to have been created.
Destruction of Subject matter
Impossibility of performance in legal terminology is said to occur when the particular
item or property that is the subject matter of a contract gets destroyed or otherwise
becomes unavailable before the contract is completed. The destruction will render it
impossible to fulfill the terms of the contract and hence the termination of the same. If a
subject matter gets destroyed without fault from any one party, the contract is thus
considered to be usually void or discharged due to impossibility of performance.
Death or insanity of offeror
means that the offer is automatically dead upon death or upon the loss of the sanity of
either party, an offeror, before acceptance. This is because a valid contract requires
the offeror to have the capacity to consent; once he dies or his mental capacity is taken
away, it cannot be possible to proceed on such an offer. The offer, therefore, can no
longer be accepted for any binding agreement.
Illegality of subject matter
in legal terms is said to take place when the subject of a contract becomes illegal
subsequent to the making of the offer but before the actual completion of the contract.
In this case, any change in the law automatically voids the agreement on grounds of
impossibility of legal performance of the contract. In the case of illegality of subject
matter, the offers that may be in existence regarding the subject matter are ipso facto
terminated. No binding contract can be said to come into existence.
Mirror Image Rule
That means any acceptance of an offer must be precisely what was offered, with no
, form of change being suggested. If there is an attempt to change the terms, then this is
not acceptance but a type of new offer known as a counteroffer. It is called the "Mirror
Image Rule" because the acceptance must be exactly reflected-like in a mirror-for the
deal to be confirmed.
UCC Battle of the forms
this allows businesses to still make a deal even if the forms they exchange have slightly
different terms. As long as both sides generally agree on the main deal, minor
differences won't prevent the contract. However, major changes or objections to the
new terms could keep those terms from being part of the final agreement.
Mailbox Rule
means that if you accept an offer by posting, the moment you pop the acceptance letter
in the mailbox, you have accepted the contract; it doesn't have to actually get to the
other party. What this means is that, with the exception of mail, once you have sent your
letter accepting the offer, the deal is done. This rule allows you to be certain that you
aren't getting the short end of the stick due to slow mail. It only applies though if sending
mail is an accepted way to respond for the deal in question.
Consideration
Something of Value given by a party in a contract
Receipt of a legal benefit or the suffering of a legal detriment-both parties must give
consideration
Promissory Estoppel
A legal principle allowing a person to enforce a promise even in the absence of a
contract based on consideration. It is a rule that promotes fairness and prevents harm.
Basically when there is a major promise and reliance upon that promise and major harm
you can use this. Example: A company promising you verbally to pay for your moving
expense. You move and then they say we aren't paying for it anymore. You can use this.
Minors
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