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Chapters 7-9 Chapters 7-9 Chapters Points 20 Points 30 Points 40 Points 50 Points 10 Points 20 Points 30 Points 40 Points 50 Points 30 Points 40 Points 50 Points Chapters 7-9 Chapters 7-9

Agreement that is legally enforceable in court

What is a contract?

The party to whom the offer is made

What is the offeree?

Response by offeree, with new terms

What is a counteroffer?

Affirmative response necessary to transform an offer into a contract

What is acceptance?

Offeree clearly rejects an offer, the offer is said to be

What is terminated?

Proposal to do something

What is an offer?

Insanity or this invalidates the offer

What is death?

The type of mistake that gives both parties the right to rescind

What is a bilateral mistake?

Agreement not clouded by fraud, duress, etc…

What is genuine assent?

Statement of a material fact which is false, but the speaker thought was true

What is a unilateral mistake?

Use of an improper act or threat to obtain an expression of agreement

What is duress?

Deliberate false representation or concealment of a material fact

What is fraudulent misrepresentation?

Specifies a time limit for bringing a lawsuit

What is statute of limitations?

The transfer of ownership without receiving anything in return

What is a gift?

The person who gives the gift

Who are donors?

To not do something

What is forebearance?

If a contact required the payment of $10 for a property worth $100,000 the $10 would be…

What is a nominal consideration?

If a contract contains a clause that allows you to escape legal obligation

What is an illusory promise?

When a debt is fulfilled it is said to be

What is liquidated?

I will buy everything that you produce

What is an output contract?

I will make everything that you need

What is a requirements contract?

Contract that is so grossly inadequate that it shocks the court

What is unconscionable?

Promising to due something that you are already obligated to do by law

What is existing public duty?

To Pay to leave an offer open

What is an option contract?

When someone intends a gift but consideration is not present

What is promissory estoppel?