Flashcards : Fundamentals of Contract Formation and Validity — 16 cartes

Becoming legally binding after agreement.

Offer is proposal; invitation to treat invites offers.

Unqualified agreement to an offer.

Rejects original offer, proposes new terms.

Ensures contract performance within specified time.

Both parties must give something of value.

Prevents reneging on a promise without consideration.

Parties intend legal enforceability.

Parties must have legal ability to contract.

Ensure validity and enforceability of contracts.

Only parties to a contract have rights and obligations.

Can render a contract void.

False statement of fact inducing contract.

Makes contract voidable due to coercion.

Contracts are voidable if obtained through abuse of power.

Void contracts are invalid; voidable can be rescinded.