Learn It: Contract Definiteness

The main requirements for a valid contract are:

Offer $-$ made by the offeror

Acceptance $-$ made by the offeree

Consideration $-$ what each party gives up under the contract

An offer is a statement or act by the offeror to the offeree promising to perform or refrain from performing some act.

The three required elements for a valid offer include:

Intention $-$ The offeror must have a serious intention to enter into the agreement.

Definiteness of Terms

Communication $-$ The offeror must communicate the terms of the agreement to the offeree.

Check Your Understanding: Contract Definiteness

Total points: $--/2$

Attempts left: $2$

In general, which of these contract terms is NOT required to meet the requirement of definiteness?

The subject matter of the contract

$$ Acceptance

The time of payment

$$ The parties involved

Definiteness of Terms: