Front
What constitutes a valid 'Offer' in contract law?
Back
A manifestation of willingness to enter into a bargain
Must be definite and communicated to the offeree to create power of acceptance.
Public Deck
Contract Law Elements - 35 Key Concepts
Learn contract law fundamentals with 35 flashcards covering formation, consideration, breach, and remedies.
AnyFlashcards35 cards
Preview
Front
Mirror Image Rule
Back
Acceptance must exactly match the terms of the offer
Under Common Law, any variation is treated as a counteroffer.
Front
Mailbox Rule
Back
Acceptance is effective upon dispatch
Adams v. Lindsell: The contract is formed the moment the letter is posted.
Front
Mutual Assent
Back
The 'meeting of the minds' between parties
Determined by the objective theory of contracts, not subjective intent.
Front
Invitation to Treat vs. Offer
Back
An expression of willingness to negotiate, not a binding offer
Fisher v. Bell: Goods displayed in a shop window are invitations to treat.
Front
Revocation of Offer
Back
The withdrawal of an offer by the offeror
Generally effective only when received by the offeree before acceptance.
Front
Rejection and Counteroffer
Back
A response that varies terms and terminates the original offer
Hyde v. Wrench: Offering a lower price for a farm killed the original offer.
Front
Certainty of Terms
Back
Terms must be sufficiently definite for a court to enforce
Must include parties, subject matter, price, and time for performance.
Front
Legal Consideration
Back
A bargained-for exchange of legal value
Currie v. Misa: A benefit to one party or a detriment to the other.
Front
Past Consideration Rule
Back
An act done before a promise is made is not valid consideration
Re McArdle: Gratuitous work done before a promise to pay is unenforceable.
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