Advertisement Upgrade to remove ads

Ordinarily, agreement is evidenced by:

an offer plus an acceptance of that offer.

If Kim tells George, "You know, I've been thinking about selling my iPod for under $100," this constitutes:

a statement of intent.

The communication requirement of an offer requires:

the offeror to tell the offeree about the offer in some effective way.

Filomena offers to sell Rhonda her collection of rare books. Before Rhonda even has a chance to accept, Filomena says, "Sorry, I changed my mind, no deal." This is an example of:

a revocation.

Filomena offers to sell Rhonda her rare book collection for $3,500. Rhonda states, "I like your book collection but I will not pay $3,500 for it, I'll only pay $2,750," what would Rhonda's statement be called?

A counteroffer

Consideration is usually broken down into two parts, something of legally sufficient value and:

a bargained-for exchange.

Rescission may be defined as:

the unmaking of a contract to return the contract parties to their precontract positions.

Which of the following is required for an accord and satisfaction to take place?

The amount of the debt must be in dispute.

Assume that Binta has been harmed seriously while walking down an aisle in Mckenzie's store. Binta claims that her injuries have resulted in $12,000 worth of medical expenses plus another $12,000 for emotional distress. Mckenzie agrees to pay Binta a total of $15,000 over twelve months if Binta agrees that she will not bring any further legal action against Mckenzie concerning this incident. This agreement is:

a release.

In order for a court to apply the doctrine of promissory estoppel, four requirements must be met. Which of the following elements is not required?

Justice must not be served by enforcing the promise.

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set