LGS 200- Abigail Hammond- Exam 2 |
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Terms in this set (196)
Contract An agreement that can be enforced in
court; formed by two parties, each of
whom agrees to perform or to refrain
from performing some act now or in the
future.
What are the two parties 1. Offeror - A person who makes an offer.
involved in every contract? 2. Offeree - A person to whom an offer is
made.
When is intent important? In determining whether a contract has
been formed. The intent is determined by
the objective theory of contracts.
,Objective theory of contracts A theory under which the intent to form a
contract will be judged by outward,
objective facts (what the party said when
entering into the contract, how the party
acted or appeared, and the
circumstances surrounding the
transaction) as interpreted by a
reasonable person, rather than by the
party's own secret, subjective intentions.
Objective facts might include: 1. What a
party said when entering into the contract
2. How a party acted or appeared 3. The
circumstances surrounding the
transaction
, What are the four 1. Agreement • an offer by one party to
requirements that must be met enter into the agreement and an
before a valid contract exists? acceptance of the terms of the offer by
another party. 2. Consideration • Any
promises made by the parties to the
contract must be supported by legally
sufficient and bargained-for consideration
(something of value received or
promised, such as money, to convince a
person to make a deal). 3. Contractual
capacity • Both parties entering into the
contract must have the contractual
capacity. That is, the law must recognize
them as possessing characteristics that
qualify them as competent parties. 4.
Legality • The contract's purpose must be
to accomplish some goal that is legal and
not against public policy.
What are the requirements 1. Voluntary consent • The consent of both
typically raised as defenses to parties must be voluntary
the enforceability of an 2. Form • The contract must be in
otherwise valid contract? whatever form the law requires.
(Slide 5 for examples)
Questions with 100% Correct Answers |
Verified | Latest Update 2026/2027
Save
Terms in this set (196)
Contract An agreement that can be enforced in
court; formed by two parties, each of
whom agrees to perform or to refrain
from performing some act now or in the
future.
What are the two parties 1. Offeror - A person who makes an offer.
involved in every contract? 2. Offeree - A person to whom an offer is
made.
When is intent important? In determining whether a contract has
been formed. The intent is determined by
the objective theory of contracts.
,Objective theory of contracts A theory under which the intent to form a
contract will be judged by outward,
objective facts (what the party said when
entering into the contract, how the party
acted or appeared, and the
circumstances surrounding the
transaction) as interpreted by a
reasonable person, rather than by the
party's own secret, subjective intentions.
Objective facts might include: 1. What a
party said when entering into the contract
2. How a party acted or appeared 3. The
circumstances surrounding the
transaction
, What are the four 1. Agreement • an offer by one party to
requirements that must be met enter into the agreement and an
before a valid contract exists? acceptance of the terms of the offer by
another party. 2. Consideration • Any
promises made by the parties to the
contract must be supported by legally
sufficient and bargained-for consideration
(something of value received or
promised, such as money, to convince a
person to make a deal). 3. Contractual
capacity • Both parties entering into the
contract must have the contractual
capacity. That is, the law must recognize
them as possessing characteristics that
qualify them as competent parties. 4.
Legality • The contract's purpose must be
to accomplish some goal that is legal and
not against public policy.
What are the requirements 1. Voluntary consent • The consent of both
typically raised as defenses to parties must be voluntary
the enforceability of an 2. Form • The contract must be in
otherwise valid contract? whatever form the law requires.
(Slide 5 for examples)
