Objective Theory of Contracts Flashcards

A contract is formed when two parties show mutual assent to enter into a bargain and that bargain is supported by consideration.

An offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.

Manifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer.

<p>An offer invites an acceptance in any manner and by any medium reasonable in the circumstances.</p> Signup and view all the answers

<p>Rejection or counter offer</p> Signup and view all the answers

<p>Only lapse of time.</p> Signup and view all the answers

<p>If acceptance is mailed, it is binding when mailed, not when received.</p> Signup and view all the answers

<p>An offer by a merchant to buy or sell goods in a signed writing which assures that it will be held open is not revocable for lack of consideration during the stated time or a reasonable time, not exceeding three months.</p> Signup and view all the answers

<p>A definite and seasonable expression of acceptance or a written confirmation operates as an acceptance even though it states additional or different terms, unless acceptance is expressly conditional on those terms.</p> Signup and view all the answers

<p>Terms materially alter contract</p> Signup and view all the answers

<p>A party's manifestation of assent is induced by either a fraudulent or material misrepresentation, voiding the contract.</p> Signup and view all the answers

<p>The party was justified in relying on the misrepresentation</p> Signup and view all the answers

<p>A mistake of both parties at the time a contract was made regarding a basic assumption causing a material effect on the agreed exchange.</p> Signup and view all the answers

<p>Whether the party bore the risk of the mistake</p> Signup and view all the answers

<p>The other party knew of the mistake</p> Signup and view all the answers

<p>Suretyships</p> Signup and view all the answers

<p>Main purpose rule</p> Signup and view all the answers

<p>Admission of the existence of the contract</p> Signup and view all the answers

<p>Signed by the party to be charged</p> Signup and view all the answers

<p>Within a reasonable time of making an oral contract, if a merchant sends a written confirmation, the merchant receiving the confirmation will be bound unless they object in writing within 10 days.</p> Signup and view all the answers

<p>A promise that should reasonably induce action or forbearance on the part of the promisee is enforceable to prevent injustice.</p> Signup and view all the answers

<p>Gives the promisor unfettered discretion</p> Signup and view all the answers

<p>It measures the quantity by the output of the seller or the requirements of the buyer in good faith, with limitations on unreasonably disproportionate demands.</p> Signup and view all the answers

<p>Exclusive rights mean best efforts.</p> Signup and view all the answers

<p>Unfair persuasion of a party under the domination of another who will not act against their welfare.</p> Signup and view all the answers

<p>A wrongful act</p> Signup and view all the answers

<p>One party uses violence or the threat of violence to preclude the other from exercising their free will.</p> Signup and view all the answers

<p>One party uses economic threats to overcome another party's will, with no legal remedy or feasible alternatives available.</p> Signup and view all the answers

<p>The non-disclosed fact was material</p> Signup and view all the answers

<p>The other party relied on the misrepresentation</p> Signup and view all the answers