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What are the requirements of a contract?
- mutual assent
- legality of contract objective
- capacity of parties
What is an unenforceable contract?
a contract that is not in writing when it should have been
What is the promissory estoppel?
- promissee reasonably relied on promise
- reliance was substantial
What is a quasi contract?
- - recipient is aware of benefit received
- - kept benefit
no, real contract, but one party thinks there is a contract and gave up sth of value
What are the 2 parts of mutual assent?
Assent must be:
- serious (perceived as serious)
- made with competence
What are the 3 requirements for an offer?
- serious and objective intent
- terms must be reasonably definite or ascertainable
- must be communicated to offeree
How can an offer be terminated by the parties?
offeree: rejection, counter offer, acceptance
When are offers, revocations, rejections, counter offers, and acceptances valid?
- acceptance: as soon as sent ("mail box rule")
- all others: as soon as received
What is the mirror image rule?
acceptance has to have exact terms as offer
How can an offer be terminated by law?
- lapse of time
- destruction of objective
- death or incompetency of one of the parties
- offer becomes illegal
What are the requirements of a valid acceptance?
- made by person to whom offer was made
- w/out condition or exception
When is silence regarded as acceptance?
prior agreement that silence means acceptance
parties are merchants and offeree has not replied within 10 days of offer
What are the means an acceptance can be sent?
- common law: same or faster means as offer
- UCC: reasonable means
When is a contract void?
- physical threat is used to get acceptance
- fraud in execution (deceit as to document signed)
- involves person under guardianship
When is a contract voidable?
- threat (not physical) is used to get acceptance
- undue influence
- fraud in inducement (false representation of material fact made w/ intent to deceive, but victim had justifiable reliance)
- mutual mistake
- palpable unilateral mistake
- involves minor, person w/ mental illness or defect, person under influence of prescribed meds
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