Contract formation, offer and acceptance, and consideration, at an intro business law course level, distinct from bar-exam-depth contract doctrine.
39 cards · basic cards · AI-written, checked twice. Edit anything.
- What is a contract?
- An agreement between two or more parties creating mutual obligations that are enforceable by law.
- Name the four essential elements of a valid contract.
- Offer, acceptance, consideration, and mutual intent to be bound.
- What is an offer?
- A definite proposal to make a specific contract, communicated to another party with the intent to be bound if accepted.
- What is acceptance?
- A manifestation of willingness to be bound by the terms of an offer, communicated to the offeror.
- What is consideration?
- Something of value (money, goods, services, or a return promise) that each party gives up as part of the contract.
- Can a contract exist without consideration?
- Generally no, consideration is required for most contracts to be enforceable.
- What is the mirror image rule?
- An acceptance must match the terms of an offer exactly; any variation constitutes a counteroffer, not acceptance.
- What is a counteroffer?
- A response to an offer that changes or adds terms, which rejects the original offer and makes a new offer.
- What does mutual assent mean in contract law?
- Both parties must agree to the same terms, often described as a meeting of the minds.
- What is an express contract?
- A contract where the parties state the terms clearly in words, either written or spoken.
- What is an implied contract?
- A contract formed by the conduct and circumstances of the parties rather than explicit words.
- What is the mailbox rule?
- An acceptance is effective when properly sent (deposited with the mail carrier), even if not yet received by the offeror.
- Can an offeror revoke an offer?
- Yes, generally an offeror can revoke an offer at any time before acceptance.
- What is a firm offer?
- An offer that cannot be revoked for a set period, typically one written by a merchant regarding the sale of goods.
- What is a unilateral contract?
- A contract in which one party makes a promise in exchange for the other party's performance of an act.