Chapter 7 Part II Exam review

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Presentation transcript:

Chapter 7 Part II Exam review Day 1

The 6 parts of a contract? What are? Answer (Offer and acceptance, genuine assent, consideration, capacity, legality and writing)

The 2 parties involved in a contract? Who are? The 2 parties involved in a contract? Answer (Offeror-Makes offer and offeree- Person offer is made it)

The 3 parts to a valid offer? What are? The 3 parts to a valid offer? Answer (1. Serious Legal, Terms definite and complete and communicated)

The 3 parts to a valid acceptance? What are? The 3 parts to a valid acceptance? Answer (1. Offeree only accepts, Terms match/ Mirror image rule and communicated)

Advertisements not usually offers? Why are? Advertisements not usually offers? Answer (Ads are invitations to an offer, meaning, the customer makes offers to the store once they accept)

6 ways an offer Terminates? What are? 6 ways an offer Terminates? Answer (Revocation by Offeror, time stated, reasonable time, rejection death/insanity and counteroffer)

Business laws? Who deals with? Answer (UCC, or Uniform Commercial Code)

How are offers kept open in? Common law based agreements? Answer (The Offeree must offer to give an “Option”, which is collateral/Money to buy time to decide)

An offer be worded so silence can be used as acceptance? Answer (No, not if you are tricking the person)

Is this example Unilateral or Bilateral acceptance? I go to the store and buy some socks and pay for them Answer (Bilateral, because both parties promise something to form the agreement)

Is this example Unilateral or Bilateral acceptance? Agreeing to complete work on my home when it needs to be done Answer (Unilateral, because ONE party accepts based on performance)

Bilateral acceptances or unilateral acceptances What is more common? Bilateral acceptances or unilateral acceptances Answer (Bilateral, because its more common to have a promise for a promise)

Contract acceptances effective When are? Contract acceptances effective Answer (Unless stated otherwise, when sent! Offeror can state when they are received, so they get them by a certain date)

Answer (Review for Friday Feb 5th) And? Questions on CH 7? Answer (Review for Friday Feb 5th)