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Resource summary

Contracts
  1. Acceptance

    Annotations:

    • unqualified willingness by the offeree to go along with the offer 
    1. steps to acceptance:
      1. mirror image rule

        Annotations:

        • terms of the acceptance must match exactly (mirror) the terms of the offer  
        1. Firm offer

          Annotations:

          • a written offer for goods that states the period of time during which the offer will stay open 
          1. capacity

            Annotations:

            • legal ability to enter a contract
            1. consideration

              Annotations:

              • Exchange of benefits and detriments by the parties to an agreements
              1. Option
          2. legal contracts

            Annotations:

            • legality: illegal contracts 
        2. sometimes you can recieve Benefits......

          Annotations:

          • something that a party was not previously entitled to recieve 
        3. Denial
          1. Rejection

            Annotations:

            • refusal by the offeree 
            1. Counteroffer

              Annotations:

              • any changes in the terms of the offer 
              1. Detriments

                Annotations:

                • any loss suffered 
                1. Illusory promises

                  Annotations:

                  • clause or wording that allows a party to escape contract 
                  1. Insanity

                    Annotations:

                    • offeror is declared insane 
                    1. Forbearance
            2. offer

              Annotations:

              • proposal by the party to another with intent to create a legal binding agreement 
              1. Offeror

                Annotations:

                • makes the offer 
                1. offeree

                  Annotations:

                  • offer made to the person  
                  1. mutual mistake

                    Annotations:

                    • both parties are mistaken about an important fact
                    1. mentally incpacitated

                      Annotations:

                      • lacking the ability to understand 
                      1. Option
                        1. Oral
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