Cone 380 isu exam 1 - Study guides, Class notes & Summaries

Contract - Agreement for whose breach of the law provides a remedy What three things does a contract require? - 1) offer 2) acceptance 3) consideration What are the 5 ways an offer can be terminated? - 1) Revocation: Can be done up to acceptance 2) Refusal/Rejection: contract no longer valid after refusing/rejection, cannot change mind 3) Counter offer: implicit rejection of original offer. ie asking for it for a lower price 4)Time Limits: w/o one law will read a reasonable time 5) D...