Offer — definition?
A clear proposal indicating willingness to contract.
Acceptance — role?
Unqualified agreement to terms, forming a contract.
Consideration — function?
Exchange of value necessary for enforceability.
Offer — definition?
A definitive proposal to enter into a contract.
Acceptance — requirement?
Unqualified agreement mirroring the offer.
Consideration — role?
Exchange of value between parties.
Capacity — necessity?
Parties must be of legal age and competent.
Legality — condition?
Subject matter must be lawful.
Contract elements — all must be?
Offer, acceptance, consideration, capacity, legality.
Offer — communication requirement?
Must be communicated and definite.
Answer 10 questions on Fundamentals of Contract Law.
1. What does the term 'contract elements' refer to in contract law?
2. According to the content, when is acceptance considered effective under the 'mailbox rule' in contract law?
Go over the full study guide for Fundamentals of Contract Law.
Read the study guide →Upload your class notes and Revizly writes your flashcards in about a minute.
Flashcard maker