Contracts

Contracts

1. Acceptance

   • unqualified willingness by the offeree to go along with the offer 
   • steps to acceptance:
     • mirror image rule
       • terms of the acceptance must match exactly (mirror) the terms of the offer  
       • Firm offer
         • a written offer for goods that states the period of time during which the offer will stay open 
         • capacity
           • legal ability to enter a contract
           • consideration
             • Exchange of benefits and detriments by the parties to an agreements
             • Option
       • legal contracts
         • legality: illegal contracts 
   • sometimes you can recieve Benefits......
     • something that a party was not previously entitled to recieve 

2. Denial

   • Rejection
     • refusal by the offeree 
   • Counteroffer
     • any changes in the terms of the offer 
     • Detriments
       • any loss suffered 
       • Illusory promises
         • clause or wording that allows a party to escape contract 
         • Insanity
           • offeror is declared insane 
           • Forbearance

3. offer

   • proposal by the party to another with intent to create a legal binding agreement 
   • Offeror
     • makes the offer 
     • offeree
       • offer made to the person  
       • mutual mistake
         • both parties are mistaken about an important fact
         • mentally incpacitated
           • lacking the ability to understand 
           • Option
             • Oral