LS 3323

Intent to Make a Deal

The offeror must show a genuine desire to create a binding agreement.

Clear Terms

An offer must clearly explain what is being offered for acceptance.

Communication

The offer must be communicated to the offeree.

Taking It Back

The offeror may revoke the offer before acceptance.

Saying No or Changing It

An offeree's rejection or counteroffer voids the original offer.

Death or Being Unable to Act

An offer ends if the offeror dies or is incapacitated.

Destruction or Illegal Activity

An offer is canceled if the subject matter is destroyed or illegal.

Time Runs Out

An offer expires if not accepted within a specified timeframe.

Conditions Not Met

An offer is void if specific conditions attached are not fulfilled.

Agreeing to the Offer

The offeree must clearly accept the terms of the offer.

Telling the Other Person

Acceptance must be communicated to the offeror.

Mirror Image Rule

Acceptance must match the exact terms of the offer without changes.

Mailbox Rule

Acceptance is valid when sent, not when received.

Consideration

Something of value exchanged between parties in a contract.

Unilateral Promise

A one-sided promise that may not require mutual exchange.

Promissory Estoppel

Binding commitment based on reliance on a promise, even without consideration.

Liquidated Debt

A debt where the amount owed is agreed upon by all parties.

Unliquidated Debt

A debt where there is disagreement about how much is owed.

Accord and Satisfaction

An agreement to settle a disputed debt for less than originally claimed.

Unforeseen Circumstances

Unexpected events that allow modification of existing contract obligations.

Mutual Agreement to Change

When both parties agree on new contract terms, disregarding preexisting duties.

Additional Work or Promise

Validates new agreements when extra services beyond the original contracts are committed.

Full Capacity

Legal ability for adults (usually 18+) to enter binding contracts.

Limited Capacity

Ability of certain individuals (minors, intoxicated) to enter voidable contracts.

Legal Purpose

Contracts must have a lawful objective to be enforceable.

Necessaries

Essential items that may bind a person with limited capacity to contracts.

Binding Contract

An agreement that is legally enforceable.

Voidable Contract

An agreement that one party can cancel.

Mistake (Unilateral)

Only one party is mistaken about a key fact.

Mistake (Mutual)

Both parties share a misunderstanding about a significant fact.

Misrepresentation

A false statement that induces someone to enter a contract.

Innocent Misrepresentation

False statement made by a party who believes it to be true.

Fraudulent Misrepresentation

False statement made knowingly to deceive another party.

Duress

Agreement induced by threats or coercion.

Undue Influence

Coercion through a special relationship that undermines free choice.

Nondisclosure

Failure to provide important information that should have been disclosed.