Define Terms of Consent Theory of Contract Flashcards

A manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promissee in understanding that a commitment has been made (an undertaking to act or refrain from acting in a specified way at some future time)

The person manifesting the intention

The person to who manifestation is addressed

Where performance will benefit a person other than the promisee

(1) Except as stated in subsection 2, the formation of a K requires a bargain in which there is a manifestation of mutal assent to the exchange and a consideration (2) whether or not there is a bargain a contract may be formed under special rules applicable to formal contracts or under the rules stated in §§82-94

Neither real nor apparent intention that a promise be legally binding is essential to the formation of a contract, BUT a manifestation of intention that a promise shall not affect legal relations may precent the formation of a contract

An offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it

A promise which meets the requirements for the formation of a contract and limites the promisor's power to revoke an offer

(1) An offer may invite or require acceptance to be made by an affirmative answer in words, or by performing or refraining from performing a specified act, or may empower the offeree to make a selection of terms in his acceptance (2) Unless otherwise indicated by the language or by the cirmcumstances, an offer invites acceptance in any manner and by any medium reasonable in the circumstances

In case of doubt an offer is interpreted as inviting the offeree to accept eithe rby promising to perform what the offer requests or by rendering the performance, as the offeree chooses

(1) An offeree's power of acceptance may be terminated by: (a) rejectiong of counteroffer by the offeree, OR (b) lapse of time, OR (c) revocation of the offeror, OR (d) death or incapacity of the offeror or offeree (2) In addition, an offeree's power of acceptance is terminated by the non-occurance of any condtion of acceptance under the terms of the offer

The power of acceptance under an option K is not terminated by rejection or counter-offer, by revocation, or by death or incapacity of the offeror, unless the requirements are met for the discharge of a contractual duty

(1) a counter-offer is an offer made by an offeree to his offeror relating to the same matter as the original offer and proposing a substitued bargain differing from that proposed by the original offer (2) an offeree's power of acceptance is terminated by his making of a counter-offer, unless the offeror has manifested a contrart intention or unless the counter-offer manifests a contrary intention of the offeree

(1) An o'ee's power of acceptance is terminated at the time specified in the offer, or if no time is specified, at the end of a reasonable time (2) what a reasonble time "is" is a question of face, depending on all the circumstances existing when the offer and attempted aceptance are made (3) Unless otherwise indicated by the language or the circumstances, and subject to the rule stated in §49, an offer sent by mail is seasonably accepted if an acceptance is mailed at any time before midnight on the day on which the offer is recieved

An o'ee's power of acceptance is terminated when the o'ee recieves from the o'or a manifestation of an intention not to enter into the proposed contract