Term
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Definition
| an agreement between two or more parties that creates an obligation |
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Term
| elemts of legally enforceable contract |
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Definition
1. Agreement comprised of an offer and an acceptance
2. Supported by consideration
3. Made by parties with capacity to contract
4. Genuinely assented to
5. For a legal purpose
6. In writing when required. |
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Term
| elemts of legally enforceable contract |
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Definition
1. Agreement comprised of an offer and an acceptance
2. Supported by consideration
3. Made by parties with capacity to contract
4. Genuinely assented to
5. For a legal purpose
6. In writing when required. |
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Term
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Definition
| Terms set down in a clear0cut fashion, either orally or in writing |
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Term
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Definition
| Terms are not stated, instead they are determined from the surrounding circumstances or an established pattern of dealings. |
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Term
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Definition
| one that obligates all parties to it to perform according to their promises. |
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Term
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Definition
| a contract inwhich one party may be obligated to fulfill a contractual promise and then only if anothe rparty performs? |
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Term
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Definition
1. Offeror must appear to intend to create a legal obligatoin
2. Terms must be definite and complete
3. offer must be communicated to the offeree |
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Term
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Definition
| the agreement by an offeree to the terms of the offer. |
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Term
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Definition
| when a person acts toward the contract as though he or she intends to be bound by it |
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Term
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Definition
- a MISTAKE does not release a person from a contract
- CONCEALMENT is not revealing something to a person in a contract, still makes the contract legal
- misrepresentation-an innocent misstatement of a significant fact by a party, makes the contract voidable
- fraud - a reckless or intentionall misrepresentation in order to getn the other party to enter into the contract and the other partyt does so withoughta good way to check on the untruth. |
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Term
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Definition
- based on luck rather than skill
- a prize for one or more winners
- payment to participate |
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Term
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Definition
include:
- price fixing
- markey allocations |
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