CHAPTER 10 STUDY GUIDE FOR TEST. CONTRACTS ARE….. Legal links between producers and consumers that...

CHAPTER 1

CONTRACTS ARE…..Legal links between producers and

consumers that help to get most of the worlds work done.

AN OFFEROR IS…The one who MAKES the

offer to contract.

AN OFFEREE IS…

The one that may accept the contract but is not required to do so.

TO NULLIFY OR VOID CONTRACTS

Minors can at anytimeIf a contract is made between a minor and an adult only the minor can disaffirm.

AN ADVERTISEMENT IS…NOT an offer to sell even when the advertiser is eager to make sales.

PROPERLY MADE OFFERMay be ended by

AcceptanceRejection

ModificationCounteroffers

Death or InsanityTime Stated

FIRM OFFERS• Binding• Must be in Writing• Only by Merchants• Definite Time-No Longer than 3

months• No money needed to keep the

offer open

QUESTIONS 7 and 11

CAN NOT MAKE CONTRACTS

• Intoxicated by drugs or alcohol (this doesn’t mean anyone who uses)

• Insane or mentally deranged• Minors

MINORS MAY VOID OR NULLIFY BECAUSE…

To protect minors from exploitation, fraud, and dishonest persons.

They lack knowledge needed to enter into contracts wisely

Lack maturity, experience, and overall ability needed.

A VALID OFFER IS?Must know these 3 things.

Must Intend to create a legal obligationThe terms must be definite and completeMust be communicated to the offeree

AN OFFER TO CONTRACT, IF NOT ACCEPTED IS ENDED BYTime stated or reasonable

length of time (perishable goods)

Rejection (saying No Thanks)CounteroffersRevocation (taking it back

before the offeree does anything)

ModificationDeath – Not illness

ACCEPTANCE OF AN OFFER TO CONTRACT MUST BE…

COMMUNICATED to the OFFEROR

EXCEPTIONS TO THE REQUIREMENT OF DEFINITENESS

Exceptions:• Medical or Legal

ServicesNo Exception must be Definite • Employment contractsSale of landSales by merchants

A VALID CONTRACT CAN BECOME UNENFORCEABLE WHEN…The time to sue has elapsed because of statute of limitations

Defendant has gone bankrupt and there are no assets to get.

Defendant dies and there are no assets.

ADD TO THE BOTTOM OF YOUR STUDY SHEET.

Option OfferGiving something of value to keep the offer open (selling a house and they give you $5000 to not sell it to someone else)

Unilateral ContractsOnly one party makes the contract (Reward $100 to find my dog)

Bilateral Contracts2 or more people make a contract

An agreement is NOT a Contract

Capacity to contract meansA person has the ability to understand his or her actions

CHAPTER 10 STUDY GUIDE FOR TEST. CONTRACTS ARE….. Legal links between producers and consumers that...

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