LW 121 Test 1

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Author:
Jtrosmarin
ID:
136075
Filename:
LW 121 Test 1
Updated:
2012-02-17 22:36:46
Tags:
Law Fun Wo
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Description:
LW 121 Test 1
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  1. AUCTION WITH RESERVE-
    reserves the right to withdraw item fromauction. Not auctioneer making the offer. Bidder makes offer to buy, contact made when auctioneer accepts highest bidder.
  2. AUCTION WITHOUT RESERVE-
    • Auctioneer must sell to highest bidder. Bidder can accept or go higher in bidding.
    • Will always be stated.
  3. MAIL BOX RULE-
    acceptance is effective upon dispatch
  4. CONTRACT-
    • Formed through offer & acceptance.
    • Voluntary consensual transaction entered into by mutual consent for benefit of both partier
  5. OFFEREE –
    person to whom offer is being made.
  6. OBJECTIVE-
    what a reasonable person would conclude
  7. OFFER
    • Objective intent to make offer
    • Objective theory of contracts
    • NOT out of anger or ajoke,
  8. ACCEPTANCE-
    • Mirror image
    • Mailbox rule
    • Must be on same terms asoffer
  9. MIRROR IMAGE RULE-
    acceptance must be on the same terms as the offer.
  10. COUNTER OFFER
    New offer from person offer was being given too previously.
  11. TERMINATION OF OFFER-
    • Rejection
    • Counteroffer
    • Lapse of time (after time offer was for)
    • An offer can be revoked anytime prior to acceptance
  12. BILATERAL CONTRACT-
    • most contracts an exchange of promises.
    • PROMISE for PROMISE
  13. UNILATERAL CONTRACT-
    can only be accepted by actual performance. Reward offer- the offer is only accepted by performance.
  14. DEATH OF OFFEROR-
    automatically revokes offer
  15. DEATH OF PARTY TO A CONTRACT-
    death does not invalidate or terminate contract is still intact.
  16. ADVERTISEMENT-
    An advertisement is not an offer. It is to let peopleknow offers are being accepted.
  17. OBJECTIVE THEORY OF CONTRACTS-
    outward signs of a person’s intent to enter into a contract determines whether a contract has been entered into.
  18. DEATH TO PERSONAL SERVICES CONTRACT-
    death is termination of the contract EXAMPLES: heath ledger from batman movie.
  19. PRECEDENT-
    the obligation to decide current cases based on previousrulings.

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