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Questions and Answers
What is the term used to describe a situation where one person signifies to another his willingness to do or abstain from doing something, with the aim of obtaining the assent of the other party?
What is the term used to describe a situation where one person signifies to another his willingness to do or abstain from doing something, with the aim of obtaining the assent of the other party?
What is the term used when the person to whom the proposal is made signifies his assent to it?
What is the term used when the person to whom the proposal is made signifies his assent to it?
Who is referred to as the 'promisee' in the context provided?
Who is referred to as the 'promisee' in the context provided?
What is termed as 'consideration' in the given context?
What is termed as 'consideration' in the given context?
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What do reciprocal promises refer to?
What do reciprocal promises refer to?
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What does an agreement not enforceable by law termed as?
What does an agreement not enforceable by law termed as?
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In what situation does a proposal become a promise?
In what situation does a proposal become a promise?
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Who is known as the 'promisor' according to the content provided?
Who is known as the 'promisor' according to the content provided?
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What term is used for every promise and set of promises that form consideration for each other?
What term is used for every promise and set of promises that form consideration for each other?
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'Contract' is defined as what in the provided content?
'Contract' is defined as what in the provided content?
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Study Notes
Key Terms in Contracts
- A situation where one person indicates a willingness to act or refrain from acting to obtain assent from another is called a proposal.
- When the recipient of a proposal indicates agreement, this is referred to as acceptance.
- The individual to whom a proposal is made is known as the promisee.
Consideration and Promises
- Consideration refers to something of value exchanged between parties, which supports the promise and is essential for contract validity.
- Reciprocal promises involve mutual commitments made by two parties, each serving as consideration for the other’s promise.
Legal Terminology
- An agreement that cannot be enforced by law is termed a void agreement.
- A proposal transforms into a promise when the proposer receives acceptance from the other party.
Roles in Contractual Agreements
- The person who makes the proposal is known as the promisor.
- A contract is defined as an agreement enforceable by law, binding the parties to their promises and obligations.
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Description
Explore the understanding of sections 2 and 10 of a legal act. Learn about the definition of 'Proposal', 'Acceptance', and 'Promise' within the context of the act.
