Business Law Test 12/9/22

elements to a valid contract

7

acceptance of offer phrase

meeting of the minds

mail box rule

offoree accepts term within time frame and is out of their control

consideration

something of legal value

legality

legal object or purpose

capacity

parties viewed by law as capable of making a legally binding promise

promissory estopel

a legal principle that a promise is enforceable by law, even if made without formal consideration, when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment.

quasi contract

A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.

Common Law

a system of law based on precedent and customs

Uniform Commercial Code

A collection of laws that governs various types of business transactions.

5 means of terminating a contract

revocation, rejection, counter offer, expiration, destruction of subject matter

expiration

period is set forth for offer or action to be executed by

void

contract is illegal

Voidable Contract

A contract that may be legally avoided (canceled, or annulled) at the option of one of the parties.