BUS 393 Study Guide - Final Guide: Federal Direct Student Loan Program, Quantum Meruit, Letters Patent

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Offer: tentative commitment containing essential terms; where tentative means the other party needs only indicate a willingness to accept to create a binding contract. Acceptance: commitment by offeree to be bound by terms of offer, and must be communicated for it to be effective. General rule for acceptance: acceptance is effective when and where communicated. Intention: the parties should be serious and expect legal consequences should flow from their agreement; does not apply in domestic relations but is presumed to be legally binding in cases of commercial transactions. Unilateral contract: the nature of the contract itself requires the actual performance of the contract as the method of acceptance (i. e. reward of for return of dog) Invitation to treat: pre-contract communications (often advertisements) to engage in the bargaining process leading to a contract; has no legal effect in contract law. Exemption clause & option agreement & standard-form contract.

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