Podcast
Questions and Answers
What is required for an offer to be valid?
What is required for an offer to be valid?
- No intent, no communication, and vague terms
- No intent, communication, and definite terms
- Intent, communication, and definite terms (correct)
- Intent, communication, and vague terms
What is the plain meaning rule?
What is the plain meaning rule?
- Interpreting a contract according to its complicated meaning
- Interpreting a contract according to its hidden meaning
- Interpreting a contract according to its figurative meaning
- Interpreting a contract according to its plain and ordinary meaning (correct)
What is necessary for a contract to be legally binding?
What is necessary for a contract to be legally binding?
- Intent
- Consideration (correct)
- Communication
- Vague terms
What is recognized by the law as sufficient consideration?
What is recognized by the law as sufficient consideration?
Can offers be terminated by law?
Can offers be terminated by law?
What is necessary to support a contract?
What is necessary to support a contract?
Can grossly unfair exchanges be challenged?
Can grossly unfair exchanges be challenged?
Flashcards
Valid Offer Elements
Valid Offer Elements
An offer must have intent, communication, and definite terms to be valid.
Plain Meaning Rule
Plain Meaning Rule
Contracts are interpreted based on their ordinary meaning.
Contract's Legality
Contract's Legality
A contract needs consideration to be legally binding.
Sufficient Consideration
Sufficient Consideration
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Offer Termination
Offer Termination
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Contract Support
Contract Support
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Unfair Exchanges
Unfair Exchanges
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Essential contract parts
Essential contract parts
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Intent of an Offer
Intent of an Offer
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Communication of Offer
Communication of Offer
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Study Notes
- Different types of contracts have different requirements and legal consequences.
- The plain meaning rule requires interpreting a contract according to its plain and ordinary meaning.
- An offer requires intent, communication, and definite terms to be valid.
- Offers can be terminated by the parties or by law.
- Acceptance can be expressed or implied, but must be communicated to the offeror.
- Consideration is necessary for a contract to be legally binding.
- Legally sufficient value is recognized by the law as sufficient consideration.
- A bargained-for exchange is necessary to support a contract.
- Adequacy of consideration does not have to be equal or fair, but grossly unfair exchanges may be challenged.
- Capacity and legality issues, as well as mistakes, can affect the enforceability of a contract.
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