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Terms in this set (28)offeree What are the names of the parties that form a contract? (Check all that apply.) Offer must include serious intent by the offeror to be bound to an agreement Which of the following is an element in the formation of a contractual offer? Actions and behavior of the parties in public regarding the agreement Using the objective standard to establish contractual intent, courts are concerned with looking at which of the following? (Check all that apply.) The court would enforce the contract, since courts are not usually interested in an offeror's hidden intent. How would a court likely respond to an offeror's attempt to avoid contract liability by claiming she was merely joking when she made an offer to the offeree? (Assume the offeree accepted the offer based on the reasonable belief that the offer was legitimate.) Material terms, all major items necessary for mutual consent that are clearly laid out Under common law, what types of terms must be included in a valid contractual offer? offeror The name of the party initiating an offer for a contract is the: _______. Parties involved Information on length of time businesses have been in operation Intent by the offeror to be bound by the agreement What are the elements of a contractual offer? (Check all that apply.) Objective standard What is the standard that courts use to interpret contracts? Courts are generally not interested in such evidence of hidden intent. An offeror may try to avoid being bound to a contract by later claiming she was only joking when she made the offer. Which of the following is an accurate statement regarding the willingness of a court to consider such evidence? definite in its term Under common law, a valid contractual offer will be:_______. (Check all that apply.) Intent to be bound by the offeree's acceptance What form of intent must an offeror have in creating a contractual offer? Only the offeree or his or her agent Who can accept a valid offer that will create a binding contract? The offer must be
properly communicated to the offeree. A valid offer under common law requires which of the following elements? (Check all that apply.) Offer must be communicated to the offeree What are the elements of a contractual offer? (Check all that apply.) revocation As a general rule, a(n) ______ of an offer is effective when the offeree receives it. (Choose TWO correct answers) You need the intent to be bound by an acceptance of the offeree. Which of the following is an element for the creation of a valid contractual offer in common law? to have an offer that cannot be revoked by the offeror for a period of time In an option contract, the offeree gives consideration to the offeror: _______. Offeror Which party to a contract can revoke an offer at any time? Counteroffer by the
offeree What are methods by which termination of a contractual offer can occur? (Check all that apply.) one party reasonably relied on another's promise and due to that reliance, the court won't allow the revocation of the offer now Promissory estoppel is the contractual concept that: _______. definite
and certain terms To create a valid offer under the common law, you need the following: _______. (Check the THREE correct answers) Offeror loses legal capacity to be in a contract What conditions would legally cause an offer to be immediately terminated? (Check all that apply.) estoppel In order for a court to recognize promissory _______, the offeree must have ______ relied on the promise of the offeror and taken action that has now caused some form of harm. You need the intent to be bound by an acceptance of the offeree. Which of the following is an element for the creation of a valid contractual offer in common law? By giving the offeror a return promise (e.g., promise to pay contract value) In general, what are the ways an offeree can manifest intent to enter into a contract? (Check all that apply.) The offer will expire after a reasonable period of time. If there is no stated period when the offeree must accept or reject an offer, when will the offer expire? agree Parties to a contract can ______ that silence will constitute a valid _______ by the offeree. Students also viewedChapter 1093 terms koreanyi L201 CH. 7155 terms carolinesmith6757 Acct 324 - Ch. 4286 terms hleipner Acct 324- Chapter 5285 terms hleipner Other sets by this creatorbusiness law 24159 terms Mhoch207 accounting 25124 terms Mhoch207 business law 24149 terms Mhoch207 accounting 25125 terms Mhoch207 Recommended textbook solutions The Cultural Landscape: An Introduction to Human Geography, AP Edition13th EditionJames M. Rubenstein 216 solutions
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What are the requirements of an offer?The offeror must objectively intend to be bound by the offer 2. The terms of the offer must be definite or reasonably certain; and 3. The offer must be communicated to the offeree 1. The offeror must objectively intend to be bound by the offer 2. The terms of the offer must be definite or reasonably certain; and 3.
What are the 4 elements of a contract in contract law?This contract has all of the four required elements of a contract: agreement, capacity, consideration, and legality. When the parties learned that the Milford account was worthless, Santino would want to get out of this contract because Santino kept the worthless account and paid Luna cash for one-half of the supposed value.
Which element of a contract is at issue here?Of the elements of a contract: mutual assent, consideration, capacity, and legality, the consideration element is at issue here. Lamar would win the race and Manu would pay $3,000 was the consideration exchanged in the contract.
What are the 3 elements required for an offer to be effective?Three elements are necessary for an offer to be effective: (1) a serious, objective intent by the offeror; (2) reasonably certain, or definite terms; and (3) communication of the offer to the offeree.
What elements are required for an offer to be effective under the common law choose 3 answers quizlet?The offer must be profitable for the offeror. The offer must be in writing. You need the intent to be bound by an acceptance. The offer must be properly communicated to the offeree.
What are the three requirements of an offer quizlet?Requirements for an offer: serious intent, clear and reasonable definite terms, communication to the offeree.
What are the 3 things that exist between the offer and acceptance of a contract?Such elements are: A statement of intent by the offerer to form a contract. A specific proposal made in specific terms. A communication identifying the party for which the contract is offered.
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What elements are required for an offer to be effective under the common law choose three answers quizlet?
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