b law ch. 12 Flashcards
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| 4154920517 | Meeting of The Minds | can only form a contract if both parties have this; means they understand each other and intend to reach an agreement | 0 | |
| 4154922241 | Objective | judges make what kind of assessment on any disagreements about whether a contract was made or not? | 1 | |
| 4154925822 | Offer | an act or statement that proposes definite terms and permits the the other party to create a contract by accepting those terms | 2 | |
| 4154929310 | Bargain | Invitation to ______ is not an offer | 3 | |
| 4154930380 | Price | ______ Quote is generally not an offer | 4 | |
| 4154932187 | Letter of Intent | A _________ ___ _______ may or may not be an offer; depends on the writer's intent | 5 | |
| 4154934956 | Request | Placing an item up for auction is not an offer, it is a _____ for an offer | 6 | |
| 4154935936 | Definite | the term of the offer must be _____ | 7 | |
| 4154938665 | Open Price | UCC Provision; UCC establishes a price based on market value or valuation by a neutral party | 8 | |
| 4154943255 | Output Contract | obligates a seller to sell all of his output to one buyer who agrees to buy it | 9 | |
| 4154947153 | Requirements Contract | obligates a buyer to obtain all of his needed goods from the seller | 10 | |
| 4154954000 | Termination by Revocation | termination of an offer effective when the offeree receives it | 11 | |
| 4154955083 | Common Law Rule (Revoking Firm Offers) | revocation of a firm offer is effective if the offer receives it before he accepts | 12 | |
| 4154958380 | Option Contract Revocation | the offeror may not revoke an offer during the option period | 13 | |
| 4154960363 | Sale of Goods Revocation | a writing signed by a merchant, offering to hold an offer open may not be revoked | 14 | |
| 4154963677 | Termination by Rejection | if an offeree rejects an offer, the rejection immediately terminates the offer | 15 | |
| 4154964789 | Termination by Expiration | when an offer specifies a time limit for acceptance, that period is binding. If no time limit, offeree has a reasonable period in which to accept | 16 | |
| 4154971643 | Termination by Operation of Law | death or mental incapacity of the offeror terminates an offer | 17 | |
| 4154974899 | Subject Matter | Destruction of ______ ______ terminates the offer | 18 | |
| 4154976043 | Accept | the offeree must say or do something to _____ | 19 | |
| 4154977318 | Bilateral | in a _____ contract, the offeree generally must accept by making promise | 20 | |
| 4154979169 | Unilateral | In a _____ contract, the offeree must accept by performing | 21 | |
| 4154980556 | Ambiguous | if the offer is _______ the offeree may accept by either promise or performance | 22 | |
| 4154992766 | Mirror Image Rule | requires that acceptance be on precisely the same terms as the offer | 23 | |
| 4154997450 | Additional Terms | terms that bring up new issues | 24 | |
| 4154998563 | Merchants | if both parties are _____, the additional terms will generally become part of the contract | 25 | |
| 4155000995 | Different Terms | terms that contradict items in the offer | 26 | |
| 4155002399 | Different | majority of states say that _____ terms cancel each other out | 27 | |
| 4155007200 | Particular | if an offer demands acceptance in a ______ manner, the offeree must follow those requirements | 28 | |
| 4155009498 | Specify | if the offer does not ______ a type of acceptance, the offeree may accept in a reasonable manner | 29 | |
| 4155012881 | Mailbox Rule (Time of Acceptance) | an acceptance is generally effective upon dispatch, meaning the moment it is out of the offeree's control | 30 | |
| 4155017004 | Vagueness | ________ in an offer or acceptance guaruntees problems and may lead to litigation | 31 |