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Cards In This Set
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What is a contract?
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A contract is an agreement that courts will enforce.
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What is the first element of a contract?
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The first element is Offer.
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What is Offer?
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An offer is a proposal.
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Who are the two parties involved in a contract?
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The two parties are the Offeror and the Offeree.
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Who is the Offeror?
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The Offeror is the one who makes the offer to begin with.
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Who is the Offeree?
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The Offeree is the one that the offer is being made to.
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What are the elements of an Offer?
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The elements of an offer are Intent, Definite and Complete Terms, and the Offere must be Clearly Communicated by the Offeror.
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Name the elements of Intent.
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The elements of Intent are Test of the Reasonable Person, Facts and Circumstances, and Preliminary Negotiations.
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What is the Test of the Reasonable Person?
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The Test of the Reasonable Person is to question whether or not a reasonable person would make the offer.
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What is Preliminary Negotiation?
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The Preliminary Negotiation is when the Offeror begins to make offers and assesses the reaction to find a reasonable "price."
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Why are Social Agreements not legally binding?
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To break a Social Agreement only results in hurt feelings, not lost or broken property.
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Only the Offeree can accept the ________.
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Offer
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Name 6 ways an offer can be broken.
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An Offer can be broken by Reovcation by the Offeror, Time Stated in the Offer, Reasonable Length of Time, Rejection by the Offeree, Counteroffer, or Death and Insanity of one of the parties.
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Explain Reasonable Length of Time.
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E.g. Produce that spoils quickly, a contract could not be left open for weeks.
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What is a counteroffer.
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An offer made by the original Offeree after the original Offeror has made an Offer.
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