Contract formation, offer and acceptance, and consideration, at an intro business law course level, distinct from bar-exam-depth contract doctrine.
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- What is a contract?
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An agreement between two or more parties creating mutual obligations that are enforceable by law.- Name the four essential elements of a valid contract.
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Offer, acceptance, consideration, and mutual intent to be bound.- What is an offer?
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A definite proposal to make a specific contract, communicated to another party with the intent to be bound if accepted.- What is acceptance?
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A manifestation of willingness to be bound by the terms of an offer, communicated to the offeror.- What is consideration?
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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?
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Generally no, consideration is required for most contracts to be enforceable.- What is the mirror image rule?
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An acceptance must match the terms of an offer exactly; any variation constitutes a counteroffer, not acceptance.- What is a counteroffer?
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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?
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Both parties must agree to the same terms, often described as a meeting of the minds.- What is an express contract?
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A contract where the parties state the terms clearly in words, either written or spoken.- What is an implied contract?
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A contract formed by the conduct and circumstances of the parties rather than explicit words.- What is the mailbox rule?
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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?
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Yes, generally an offeror can revoke an offer at any time before acceptance.- What is a firm offer?
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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?
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A contract in which one party makes a promise in exchange for the other party's performance of an act.
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