Contract Law Basics

<p>1872 (B)</p> Signup and view all the answers

<p>It makes law more rigid compared to judge-made law. (B)</p> Signup and view all the answers

<p>It necessitates more transparency in the legal system. (D)</p> Signup and view all the answers

<p>Increased number of legal disputes. (A)</p> Signup and view all the answers

<p>Creates wealth through bilateral contracts. (C)</p> Signup and view all the answers

<p>An agreement and enforceability by law (B)</p> Signup and view all the answers

<p>The buyer (B)</p> Signup and view all the answers

<p>It must be accepted (A)</p> Signup and view all the answers

<p>Requirements established by the bank (D)</p> Signup and view all the answers

<p>A promise or set of promises (C)</p> Signup and view all the answers

<p>The bank if the borrower agrees (D)</p> Signup and view all the answers

<p>With clear forms and conditionalities (D)</p> Signup and view all the answers

<p>It helps to clarify the terms progressively (A)</p> Signup and view all the answers

<p>Ensuring definitive decision-making (B)</p> Signup and view all the answers

<p>No legal action can be taken if the auction is withdrawn (A)</p> Signup and view all the answers

<p>It involves a series of counter-offers (C)</p> Signup and view all the answers

<p>As invitations to treat or negotiate (B)</p> Signup and view all the answers

<p>It differentiates them from offers or proposals (A)</p> Signup and view all the answers

<p>A clear communication of terms for negotiation (D)</p> Signup and view all the answers

<p>They can be considered as conditional offers (A)</p> Signup and view all the answers

<p>A desire for predictable legal outcomes (C)</p> Signup and view all the answers

<p>Acceptance must be made in a usual and reasonable manner. (A)</p> Signup and view all the answers

<p>The proposer may insist on acceptance being made in the prescribed manner. (B)</p> Signup and view all the answers

<p>The subject matter of the agreement must be identified. (A)</p> Signup and view all the answers

<p>B can refuse to consider the proposal. (B)</p> Signup and view all the answers

<p>When the acceptance is made through conduct. (B)</p> Signup and view all the answers

<p>Providing reasonable notice of the contractual terms. (A)</p> Signup and view all the answers

<p>When it is received by the person to whom it is made. (A)</p> Signup and view all the answers

<p>Acceptance must be received by the proposer. (B)</p> Signup and view all the answers

<p>Completion of the offer. (B)</p> Signup and view all the answers

<p>Y has the right to ignore the proposal entirely. (A)</p> Signup and view all the answers

<p>Communication is necessary to indicate agreement. (A)</p> Signup and view all the answers

<p>The proposal may not constitute a complete offer. (C)</p> Signup and view all the answers

<p>A telephonic proposal that is not heard. (A)</p> Signup and view all the answers

<p>Acceptance must be communicated explicitly, regardless of the silence clause. (A)</p> Signup and view all the answers

<p>Proposal, intention, and information. (A)</p> Signup and view all the answers

<p>Clear terms of trade. (D)</p> Signup and view all the answers

<p>The place of dispatch of the fax message (D)</p> Signup and view all the answers

<p>An alternate promise involves a choice between two or more outcomes (C)</p> Signup and view all the answers

<p>It must be written and signed (C)</p> Signup and view all the answers

<p>It must have the free consent of all involved parties (C)</p> Signup and view all the answers

<p>Acceptance is complete when sent by telecommunication (D)</p> Signup and view all the answers

<p>An agreement between two parties where both make commitments (A)</p> Signup and view all the answers

<p>Future uncertain events or conditions (C)</p> Signup and view all the answers

<p>It must be enforceable by law (D)</p> Signup and view all the answers

An agreement enforceable by law, consisting of a promise or set of promises.

A promise or set of promises.

An offer to form a contract.

Unconditional agreement to a proposal.

An agreement and its enforceability under law.

Usually proposes in common law contracts, but must tailor a proposal to the seller's conditions.

Stipulates conditions but doesn't propose; the buyer formulates their offer in response to conditions.

Illustrates that a buyer's response to seller conditions must be a complete proposal, not simply acceptance of conditions themselves.

The process of writing down contract laws in a systematic way, making them accessible and easier to amend.

A principle stating that agreements must be kept, as a promise or word is binding.

Contracts drive wealth creation and societal progress by enabling people to alter economic situations, thus advancing society.

Creating a contract involves one party offering something and another party agreeing to the offer.

Codified laws offer transparency, easy access, and adjustability to societal and technological change.

Contracts are essential for a dynamic society; they allow better economic and social decisions by people and drive the evolution of societal wealth.

Codified laws are readily accessible and are adaptable; compared to laws created by judges, codified law is potentially rigid.

Rapid industrialization led to an increased need for transparency and codified contract law in order to improve the efficiency of societal relationships.

A communication that invites interested parties to make offers, but isn't considered an offer itself.

A definite and clear proposal made by one party to another that, when accepted, creates a legally binding agreement.

The principle of requiring clear and specific terms in legal agreements to avoid disputes and ambiguities.

An advertisement for an auction is typically considered an invitation to treat, not an offer.

The ability of a judge to use their judgment and consider specific circumstances of a case when making a decision.

A response to an offer that changes or adds conditions, effectively rejecting the original offer.

A legal system where legal concepts like invitation to treat can be assessed in alternative approaches.

A promise made in response to another promise, forming the basis of an agreement.

A promise offering a choice between two or more options, allowing the promisee to select one.

An agreement that depends on a future uncertain event happening.

An agreement that depends on certain conditions being met, either explicitly stated or implied.

The location where acceptance of an offer is deemed to occur, determining jurisdiction in legal disputes.

A legal principle stating that acceptance is complete when it is put into the course of transmission, not upon receipt.

A landmark legal case that reversed the postal rule, holding that acceptance is complete when and where it is received.

Agreement given voluntarily, without coercion, undue influence, fraud, or misrepresentation.

An offer is not instantaneous; it takes shape through back-and-forth communication, including inquiries, price discussions, and terms negotiations, before finally crystallizing into a complete proposal.

An offer must include all essential details of the proposed agreement, such as the subject matter, price, terms, payment, and any necessary warranties or guarantees.

The point at which an offer becomes complete and definite, encompassing all essential terms and conditions.

Terms and conditions stated elsewhere, such as on the back of a document, must be clearly brought to the attention of the other party.

When terms are incorporated elsewhere, the offer must provide sufficient notice to the other party to access them.

An offer is only made when it reaches the intended recipient's knowledge.

Before acceptance, the prospective buyer must fully understand the terms and conditions of the offer.

In the process of negotiation, there might be multiple exchanges of proposals and counter-proposals; true acceptance happens when all terms are agreed upon.

Silence alone is not considered acceptance in a legal system. A clear and positive indication of acceptance, such as words or actions, is required.

If a proposal specifies a particular way to accept it, the acceptance must follow that method. Failure to do so could invalidate the acceptance.

Acceptance is complete when it is communicated to the proposer. This means the proposer must be aware of the acceptance.

Actions can sometimes be considered as acceptance, even without explicit words. For example, starting work based on a job offer can be seen as acceptance.

No one can be forced to respond to a proposal. Silence does not automatically mean acceptance, and people have the right to stay silent.

A proposal cannot force someone to accept by requiring silence as acceptance. This is unfair and violates a person's freedom of choice.

A legal system based on clear and positive laws, requiring explicit actions or words to establish legal rights and obligations.

When a proposal specifies acceptance by post, communication occurs when the acceptance letter is correctly mailed, regardless of when it's received.