ACCT352 Study Guide - Midterm Guide: Meeting Of The Minds, Private Law, Estoppel
11 Dec 2018
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Chapter 11: contracts, nature and terminology: contract: voluntarily agreement with 2 or more parties, offeror to the offeree. Interpretation of contracts: private law between parties, objective intent: reasonable person standard, subjective intent: doesn"t matter. Bilateral contract: promise forms the contract: both parties must complete their side of the contract for it to be bilateral. Unilateral contract: act forms the contract: ie windshield example. How to terminate an offer by parties heard/received: revocation: withdrawal must be communicated to offeree. Before offer is accepted (done by offeror: rejection: say no or by conduct (done by offerree, counteroffer, not effective til it reaches the offeror, 1st offer is automatically terminated. ***irrevocable offer: option contract: pay to keep offer open. Even if you die, your heirs can pay it. Chapter 13: consideration: consideration: something of legal value exchanged (ie money, services etc) If he already worked 30 years, there"s no consideration in the future. Adult must return the corvette and ,000 to.
