click below
click below
Normal Size Small Size show me how
LGLA1351-Chapter 3
Basic Contract Law for Paralegals
Answer | Question |
---|---|
Undisclosed principal | a person, represented by an agent, who is party to a contract but has not revealed his or her identity to the other party. |
Auction with reserve | parties have the right to revoke any time before gavel comes down. |
Counteroffer | a variance in the terms of the offer that constitutes a rejection of the original offer and a creation of a new offer. Also called cross-offer. |
Firm offer | offer made under the UCC that remains open for a reasonable period of time but in no event more than 90 days. |
Ironclad offer | under the UCC, an offer whose terms may not be altered by the offeree. |
Mailbox rule | rule stating that the acceptance of a bilateral contract is effective when properly dispatched by an authorized means of communication; formulated to help determine the moment of creation of a contract. |
Mirror image rule | to be valid, the acceptance must correspond exactly to the terms of the offer. |
Operation of law | the manner in which one event has a legal effect on a second, unconnected event. |
Option | a contract to keep an offer open for a specified time that is secured by consideration. |
Rejection | to refuse an offer. |
Reverse unilateral contract | a contract in which the performer, rather than the promisor, makes the offer. |
Revocation | to recall an offer. |
Supervening illegality | a law that renders a once-legal activity illegal. |