Chapter 7

• What is an agreement between two or more people that is enforceable at law?

  Contract
• When creating what does people make their own law, which they have to follow?

  Contract
• What are the six elements of a valid contract?

  Intention, offer, acceptance, consideration, capacity, legality
• What are the four elements that a contract has to be free off?

  mistake, duress, undue influence, and misrepresentation.
• What is an agreement to the same thing mean?

  Consensus ad idem
• What is the assumption at law that strangers intend to be bound by their promises?

  intention to be bound
• A tentative promise subject to a condition

  Offer
• What's a statement that gives a respones to an offer

  Acceptance
• The first rule of an offer are that the offer must be communicated to the offeree before acceptance may take place
• The second rule of an offer is that only the person who the offer was made to can accept the offer.
• The first rule of an acceptance is that the acceptance of the offer must be communicated to the offeror in the manner implied by the offeror in the offer.
• The second rule is that if the acceptance is by post, the acceptance takes place when the letter of acceptance is place in the postbox
• A counteroffer is a new offer and a rejection of original offer.
• What are offers that requires the offree's to complete their part of the contract as a mode of acceptance called?

  Unilateral agreements
• A form of agreements that is a click box of "I agree" as a valid form of acceptance.

  Click-wrap agreements
• The termination of an unaccepted offer by the passage of time, a counter offer, or the death of a party.

  Lapse
• The termination of an offer that is communicated to the offeree beofre the offer is accepted.

  Revocation
• a separate promise to keep an offer open for a period of time.

  option
• What is it called when the revocation can be communicated to the offeree through someone else?

  Indirect revocation