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Which term relates to whether a reasonable person perceives an utterance as conferring the power to create a valid contract?
Which term relates to whether a reasonable person perceives an utterance as conferring the power to create a valid contract?
What is the nature of advertisements under American law?
What is the nature of advertisements under American law?
What must the offer contain to be considered valid?
What must the offer contain to be considered valid?
What is a significant reason for the termination of an offer?
What is a significant reason for the termination of an offer?
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Which term describes the termination of an offer by the offeror?
Which term describes the termination of an offer by the offeror?
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In which type of contract can an offer be revoked only before acceptance?
In which type of contract can an offer be revoked only before acceptance?
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What type of offer cannot be revoked if declared open for a specified time by a merchant?
What type of offer cannot be revoked if declared open for a specified time by a merchant?
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Which doctrine allows enforceability of promises made based on reliance?
Which doctrine allows enforceability of promises made based on reliance?
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Which term describes the power granted to the offeree by the offeror?
Which term describes the power granted to the offeree by the offeror?
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Which phrase is typically used by the offeree to indicate acceptance of an offer?
Which phrase is typically used by the offeree to indicate acceptance of an offer?
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Who is the individual that receives the offer and can accept it?
Who is the individual that receives the offer and can accept it?
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What type of terms must a valid offer contain to be acceptable?
What type of terms must a valid offer contain to be acceptable?
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Which analytical device helps determine if contract terms are clear and definite?
Which analytical device helps determine if contract terms are clear and definite?
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In a contract, which terms are courts more likely to fill in if they are missing?
In a contract, which terms are courts more likely to fill in if they are missing?
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What type of statement does not convey power of acceptance due to its conditional nature?
What type of statement does not convey power of acceptance due to its conditional nature?
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An offer made in jest is considered what type of offer?
An offer made in jest is considered what type of offer?
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What type of exchange is more likely to be considered valid by a court?
What type of exchange is more likely to be considered valid by a court?
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What happens if a promise is made without any expectation of a benefit to the promisor or a detriment to the promisee?
What happens if a promise is made without any expectation of a benefit to the promisor or a detriment to the promisee?
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What is 'sham consideration' in the context of contracts?
What is 'sham consideration' in the context of contracts?
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When is the existence of consideration determined?
When is the existence of consideration determined?
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Which type of duty cannot be used as consideration in a contract?
Which type of duty cannot be used as consideration in a contract?
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What is generally required for a modification of a contract?
What is generally required for a modification of a contract?
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What might justify non-performance of a contract according to its original terms?
What might justify non-performance of a contract according to its original terms?
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Which of the following best describes consideration in a contract?
Which of the following best describes consideration in a contract?
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What characterizes a voidable contract?
What characterizes a voidable contract?
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What type of misrepresentation is actionable?
What type of misrepresentation is actionable?
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Which term refers to misrepresentation made with knowledge that it is untrue?
Which term refers to misrepresentation made with knowledge that it is untrue?
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In the context of misrepresentation, which term describes the requirement for the other party?
In the context of misrepresentation, which term describes the requirement for the other party?
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What does fraud in the factum result in?
What does fraud in the factum result in?
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What does negligent misrepresentation imply?
What does negligent misrepresentation imply?
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What likelihood of awarding remedies is associated with innocent misrepresentation?
What likelihood of awarding remedies is associated with innocent misrepresentation?
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What type of damages can result from fraud?
What type of damages can result from fraud?
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Which requirement must be met for certain types of contracts under the Statute of Frauds?
Which requirement must be met for certain types of contracts under the Statute of Frauds?
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In which situation can a party void a contract by invoking the Statute of Frauds?
In which situation can a party void a contract by invoking the Statute of Frauds?
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What is one of the categories that allows a person to avoid enforcement of a contract due to lack of capacity?
What is one of the categories that allows a person to avoid enforcement of a contract due to lack of capacity?
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What must be included in the writing for the Statute of Frauds to be satisfied?
What must be included in the writing for the Statute of Frauds to be satisfied?
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If a contract cannot be performed within one year, it falls under which category of the Statute of Frauds?
If a contract cannot be performed within one year, it falls under which category of the Statute of Frauds?
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For which situation is a signed writing not required under the Statute of Frauds?
For which situation is a signed writing not required under the Statute of Frauds?
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If a party successfully invokes the Statute of Frauds, what is the contract's status?
If a party successfully invokes the Statute of Frauds, what is the contract's status?
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What type of contracts require a writing under the Statute of Frauds for consideration of marriage?
What type of contracts require a writing under the Statute of Frauds for consideration of marriage?
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What is the primary function of the courts when interpreting contract terms that are unclear or ambiguous?
What is the primary function of the courts when interpreting contract terms that are unclear or ambiguous?
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What does the term 'construction' refer to in the context of contracts?
What does the term 'construction' refer to in the context of contracts?
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Which statement best describes the parol evidence rule?
Which statement best describes the parol evidence rule?
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When might oral agreements made contemporaneously with a written contract be considered valid?
When might oral agreements made contemporaneously with a written contract be considered valid?
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What type of agreements does the parol evidence rule primarily invalidate?
What type of agreements does the parol evidence rule primarily invalidate?
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Which description fits the term 'extrinsic evidence' in the context of contracts?
Which description fits the term 'extrinsic evidence' in the context of contracts?
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What is the consequence of introducing evidence of agreements made before the execution of a written contract?
What is the consequence of introducing evidence of agreements made before the execution of a written contract?
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What is meant by 'modifications of the original contract' in relation to the parol evidence rule?
What is meant by 'modifications of the original contract' in relation to the parol evidence rule?
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Study Notes
Contract Law Study Notes
- A contract is a legally binding agreement between parties, creating mutual rights and duties.
- Essential elements of a valid contract include offer, acceptance, consideration, capacity, and legality.
- A meeting of the minds is necessary for a contract to be valid.
- A voidable contract can be set aside by one or both parties due to specific reasons.
- Formal contracts require specific formalities (e.g., signing, sealing, and delivery).
- Simple contracts can be oral or written.
- Contracts are generally interpreted objectively, based on how a reasonable person would understand them.
- Offers can be revoked before acceptance.
- Acceptance must mirror the offer to be valid.
- Offers can be terminated by lapse of time, rejection, or counteroffer.
- Advertisements are generally viewed as invitations to negotiate, not offers.
- Offers can be terminated by the death or incapacity of the offeror.
- Acceptance is effective upon dispatch in contracts utilizing the mail; acceptance takes place upon receipt when instantaneous communication is used.
- Consideration is the exchange of value between parties.
- Consideration isn't necessary in situations like promissory estoppel and contracts of bailment.
- Capacity to contract refers to the legal ability to enter into contracts.
- Minors generally lack capacity, making their contracts voidable.
- Contracts can be discharged by performance; breach; and by operation of law (statue of limitations, bankruptcy, or impossibility).
- Damages for breach of contract aim to place the non-breaching party in the position they would have been in had the contract been performed.
- Damages include expectation damages; reliance damages; restitution; consequential damages; and incidental damages.
- Specific performance is a remedy mandating the breaching party to comply with their contractual obligations.
- The parol evidence rule generally prohibits introduction of extrinsic evidence to vary or contradict a written agreement.
- There are specific rules for different types of contracts like "statute of frauds", governing certain situations.
- In case, a contract has a material breach, then non-breaching party is relieved from their obligations under the contract.
- Consideration can be something of value given by each party to a contract.
- The doctrine of promissory estoppel can enforce a promise even if there are no valid considerations.
- If either parties make a mistake in a contract, it can be considered voidable.
- Any contract must be complete to be valid - it mustn't contain any missing terms; it must contain sufficient details for it to be enforceable; the terms must be clear and unmistakable.
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Description
Explore the key concepts and essential elements of contract law with these study notes. Understand the importance of offer, acceptance, and the concept of a 'meeting of the minds' for contractual validity. This overview also delves into the differences between voidable and formal contracts.
