12 terms

Terms	Definitions
Requirements to Create a Contract	1. Offer & Acceptance 2. Genuine Assent 3. Consideration 4. Legality 5. Capacity 6. Writing
A legal offer	must be made intentionally
Not legal offer	offer made in jest or anger
Offeror	person who makes the offer
Offeree	person to whom offer is made
Complete & Definite	Terms must be detailed. For example, "I am selling a car" should be "I am selling a 1999 Honda Accord with 125,000 miles"
Terminating Contracts	1. Revocation 2. Time stated in the offer 3. Reasonable length in time 4. Rejection by the offeree 5. Counteroffer 6. Death or insanity of either party 7. Destruction of the specific subject matter
Revocation	Offeror withdraws the offer
Option	Offeree gives offeror something of value to keep the offer open
Acceptance	Only offerees may accept Acceptance must match the offer exactly Acceptance must be communicated
Bilateral acceptance	Offeree must communicate acceptance to offeror Example - Asking someone on a date - they must say "Yes" before you go out
Unilateral acceptance	Offeree performs act stated by offeror Example: Finding a dog and returning the dog to the owner for a reward

Flickr Creative Commons Images

Some images used in this set are licensed under the Creative Commons through Flickr.com. Click to see the original works with their full license.

• "Requirements to Create a Contract" image
• "Not legal offer" image
• "Complete & Definite" image
• "Terminating Contracts" image
• "Revocation" image
• "Acceptance" image
• "Bilateral acceptance" image
• "Unilateral acceptance" image

This product uses the Flickr API but is not endorsed or certified by Flickr.