| A | B |
|---|
| offer | definite proposal made with intent to contract and communicated to offeree |
| offer ends (terminates) | after reasonable time, by its terms, or by communicating withdrawal |
| acceptance | communicating to offeror by promise or act |
| consideration | conferring a benefit or suffering a detriment |
| statute of frauds | requires certain types of contracts must be in writing to be enforceable |
| Types of contracts that must be written | interest in realty, sale of goods over $500, services that can not be performed within a year |
| real property (realty) | land and anything permanently attached thereto |
| personal property (personalty) | ownership interest in movable items or intangible sources of potential income |
| goods | tangible personal property |
| fee simple | outright ownership of realty |
| leasehold | a rental interest in real property |
| construction | interpretation of a contract |
| anticipatory repudiation | breaching a contract ahead of time |
| implied warranty of merchantability | guaranty that an item will be as good as an average similar item |
| implied warranty of fitness for a particular purpose | guaranty that item will be able to do specific tasks asked about by consumer |
| accord and satisfaction | offer of something different than original agreement (usually less) and agreement to take offer |
| life estate | interest in real property that lasts for the life of a named person |
| contractual capacity | the mental capacity to enter into a contract |
| people without contractual capacity | minors, drunks, non compos mentos |
| parol evidence rule | once a contract is reduced to writing, the only thing considered in construction (absent ambiguity) is what's in the contract |
| intellectual property | legal interest in items that are intangible and whose worth lies is the creative concept |
| types of intellectual property | copyright, trademark, servicemark, patent, trade secret |
| copyright | right of creator in particular form or expression of idea, such as writings, art, photos, graphics, music, dramas, performances, dance |
| trademark | registered word or phrase with distinctive design for product (servicemark is equivalent for services) |
| patent | registration of useful process that gives inventor monopoly for certain period of time |
| DTPA | Deceptive Trade Practices Act |
| Affect of DTPA | allows consumer to bring action against business for "deceptive trade practices," including breach of warranty, and get tort damages |
| gift | transfer of property by donative intent (wanting to give someone something) and delivery |
