BLS 342 Final Exam
Study online at https://quizlet.com/_iigbik
1. the four ele- offer, acceptance, consideration, legal object
ments of a valid
contract? (these
are the elements
that a plaintiff
would have to
prove in court to
have a prima fa-
cia case of breach
of contract)
2. What are the 1. manifestation of offerors intent to be bound (•Intent determined by objective,
three elements of reasonable person standard.
a valid offer? •Preliminary negotiations and advertisements do not constitute offers.)
2. definite and certain terms (all materials terms included)
3. communication of offer to offeree (or offeree's agent)
3. How can an offer •Revocation by the offeror.
be terminated? •Rejection or counteroffer by the offeree.
•Death/incapacity of the offeror.
•Destruction of subject matter of offer.
•Subsequent illegality of subject matter of offer.
•Lapse of time.
•Failure of condition(s) specified in offer.
4. what does an ac- - representation of offerees intent to be bound by terms of offer through either
ceptance have to performance or return promise
include? -silence generally does not constitue an acceptance
-terms of acceptance must be identical to terms of contract (mirror-image rule)
-effective when communicated by offeree to offeror
-If no method of communicating acceptance specified in offer, any reasonable
means of acceptance effective (examples: telephone, mail, fax, email).
, BLS 342 Final Exam
Study online at https://quizlet.com/_iigbik
5. What is the mir- the terms of the acceptance must exactly mirror the terms of the offer
ror image rule?
6. What is the mail- •Acceptance by mail effective when placed in mailbox; however, revocation of offer
box rule? effective only when received by offeree.
•Not applicable via instantaneous communication.
7. What is consider- Something of value, given in exchange for something else of value, that is the
ation? product of a mutually bargained-for exchange.
8. What are the •Promissory estoppel.
two Exceptions to •Contracts under seal.
the requirement
of Consideration?
9. What is promis- is the legal principle that a promise is enforceable by law, even if made without
sory estoppel? formal consideration when a promisor has made a promise to a promisee who
then relies on that promise to his subsequent detriment.
10. Do courts consid- Courts rarely considers adequacy of consideration.
er the adequacy
of consideration?
11. what is an illusory is one that courts will not enforce
promise?
For example, a promise of the form, "I will give you ten dollars if I feel like it," is
purely illusory and will not be enforced as a contract.
12. What is the an aspect of consideration within the law of contract. ... In essence, this rule
Preexisting duty declares that performance of a pre-existing duty does not amount to good con-
rule? sideration to support a valid contract; but there are exceptions to the rule.
13. What is contrac- Mental ability to understand rights and obligations established by contract, with
tual capacity? the presumptive ability to understand how to comply with the terms of the agree-
Study online at https://quizlet.com/_iigbik
1. the four ele- offer, acceptance, consideration, legal object
ments of a valid
contract? (these
are the elements
that a plaintiff
would have to
prove in court to
have a prima fa-
cia case of breach
of contract)
2. What are the 1. manifestation of offerors intent to be bound (•Intent determined by objective,
three elements of reasonable person standard.
a valid offer? •Preliminary negotiations and advertisements do not constitute offers.)
2. definite and certain terms (all materials terms included)
3. communication of offer to offeree (or offeree's agent)
3. How can an offer •Revocation by the offeror.
be terminated? •Rejection or counteroffer by the offeree.
•Death/incapacity of the offeror.
•Destruction of subject matter of offer.
•Subsequent illegality of subject matter of offer.
•Lapse of time.
•Failure of condition(s) specified in offer.
4. what does an ac- - representation of offerees intent to be bound by terms of offer through either
ceptance have to performance or return promise
include? -silence generally does not constitue an acceptance
-terms of acceptance must be identical to terms of contract (mirror-image rule)
-effective when communicated by offeree to offeror
-If no method of communicating acceptance specified in offer, any reasonable
means of acceptance effective (examples: telephone, mail, fax, email).
, BLS 342 Final Exam
Study online at https://quizlet.com/_iigbik
5. What is the mir- the terms of the acceptance must exactly mirror the terms of the offer
ror image rule?
6. What is the mail- •Acceptance by mail effective when placed in mailbox; however, revocation of offer
box rule? effective only when received by offeree.
•Not applicable via instantaneous communication.
7. What is consider- Something of value, given in exchange for something else of value, that is the
ation? product of a mutually bargained-for exchange.
8. What are the •Promissory estoppel.
two Exceptions to •Contracts under seal.
the requirement
of Consideration?
9. What is promis- is the legal principle that a promise is enforceable by law, even if made without
sory estoppel? formal consideration when a promisor has made a promise to a promisee who
then relies on that promise to his subsequent detriment.
10. Do courts consid- Courts rarely considers adequacy of consideration.
er the adequacy
of consideration?
11. what is an illusory is one that courts will not enforce
promise?
For example, a promise of the form, "I will give you ten dollars if I feel like it," is
purely illusory and will not be enforced as a contract.
12. What is the an aspect of consideration within the law of contract. ... In essence, this rule
Preexisting duty declares that performance of a pre-existing duty does not amount to good con-
rule? sideration to support a valid contract; but there are exceptions to the rule.
13. What is contrac- Mental ability to understand rights and obligations established by contract, with
tual capacity? the presumptive ability to understand how to comply with the terms of the agree-
