Contracts

Annotations:

• unqualified willingness by the offeree to go along with the offer 

1. steps to acceptance:
   1. mirror image rule

      Annotations:

      • terms of the acceptance must match exactly (mirror) the terms of the offer  
      1. Firm offer

         Annotations:

         • a written offer for goods that states the period of time during which the offer will stay open 
         1. capacity

            Annotations:

            • legal ability to enter a contract
            1. consideration

               Annotations:

               • Exchange of benefits and detriments by the parties to an agreements
               1. Option
      2. legal contracts

         Annotations:

         • legality: illegal contracts 
2. sometimes you can recieve Benefits......

   Annotations:

   • something that a party was not previously entitled to recieve 

1. Rejection

   Annotations:

   • refusal by the offeree 
2. Counteroffer

   Annotations:

   • any changes in the terms of the offer 
   1. Detriments

      Annotations:

      • any loss suffered 
      1. Illusory promises

         Annotations:

         • clause or wording that allows a party to escape contract 
         1. Insanity

            Annotations:

            • offeror is declared insane 
            1. Forbearance

Annotations:

• proposal by the party to another with intent to create a legal binding agreement 

1. Offeror

   Annotations:

   • makes the offer 
   1. offeree

      Annotations:

      • offer made to the person  
      1. mutual mistake

         Annotations:

         • both parties are mistaken about an important fact
         1. mentally incpacitated

            Annotations:

            • lacking the ability to understand 
            1. Option
               1. Oral