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contract
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an agreement that counts will enforce
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genuine assent
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agreement to contract must not be based on deception, mistakes, or unfair pressure
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offer and acceptance
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there must be a serious offer to contract, and the terms must be accepted by another party
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legality
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What the parties agree to must be legal
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consideration
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both sides must receive something of legal value
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capacity
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parties must be able to contract for themselves (no minors)
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writing
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some agreements must be placed in writing to be enforceable
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offeror
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person making the offer
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offeree
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the person to whom the offer is made
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expression of intent
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the law will only recognize that an offer exists when is made seriously
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reasonable person
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test used to determine if there is expression of intent
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complete and clear offer
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an offer missing essential information is incomplete
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communicated to offeree
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a person who is not the intended offeree cannot accept the offer
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revocation
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offeror can revoke the offer at any time before acceptance
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reasonable length of time
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must state when the offer expires, if not, it will expire in a reasonable time
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offeree rejection
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if the time has not expired, offer can be terminated by offeree's rejection
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counteroffer
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offeree changes terms of offer so significantly that the original offer is terminated
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firm offer
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offer by a merchant for the sake of goods
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acceptance
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when a party to whom an offer has been made agrees to the proposal
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acceptance requirements
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- made by the offeree
- match the terms in offer
- be communicated in writing to the offeror
- match the terms in offer
- be communicated in writing to the offeror
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mirror image rule
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requires that the terms of the acceptance must exactly match the terms of the offer
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unilateral acceptance
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offeror requires that the offeree indicates acceptance by performing certain obligations (like signing)
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bilateral acceptance
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the offer can be made by giving a promise/obligation (most offers are like this)
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