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36 Cards in this Set

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  • Back
promise
an assertion that something either will or will not happen in the future
promisor
a person who makes a promise
promisee
a person to whom a promise is made
contract
an agreement that can be enforced in court; formed by two or more competent parties who agree, for consideration, to perform or to refrain from performing some legal act now or in the future
offeror
a person who makes an offer
offeree
a person to whom an offer is made
bilateral contract
a type of contract that arises when a promise is give in exchange for a return promise
unilateral contract
a contract that results when an offer can be accepted only by the offeree's performance
formal contract
a contract that by law requires a specific form, such as being executed under seal, for its validity
informal contract
a contract that does not require a specified form or formality to be valid
express contract
a contract in which the terms of the agreement are stated in words, oral or written
implied-in-fact contract
a contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
executed contract
a contract that has been completely performed by both parties
executory contract
a contract that has not as yet been fully performed
valid contract
a contract that results when the elements necessary for contract formation (agreement, consideration, legal purpose, and contractual capacity) are present
voidable contract
a contract that may be legally avoided (canceled, or annulled) at the option of one or both of the parties
unenforceable contract
a valid contract rendered unenforceable by some statute or law
void contract
a contract having no leagal force or binding effect
quasi contract
a fictional contract imposed on parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another
agreement
a meeting of two or more minds in regard to the terms of a contract; usually broken down into two events-an offer by one party to form a contract, and an acceptance of the offer by the person to whom the offer is made
offer
a promise or commitment to perform or refrain from performing some specified act in the future
revocation
in contract law, the withdrawal of an offer by an offeror. Unless the offer is irrevocable, it can be revoked at any time prior to acceptance without liability
option contract
a contract under which the offeror cannot revoke his or her offer for a stipulated time period, and the offeree can accept or reject the offer during this period without fear that the offer will be made to another person. The offeree must give consideration for the option (the irrevocable offer) to be enforceable
counteroffer
an offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer
mirror image rule
a common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed
acceptance
a voluntary act by the offeree that shows assent, or agreement, to the terms of an offer; may consist of words or conduct
mailbox rule
a rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox), ify mail is, expressly or impliedly, an authorized means of communication of acceptance to the offeror
consideration
generally, the value given in return for a promise. The consideration must result in a detriment to the promisee (something of legally sufficient value and bargained for) or a benefit to the promisor
forbearance
the act of refraining from an action that one has a legal right to undertake
rescission
a remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties, by the parties' conduct, or by court decree
past consideration
an act that takes place before the contract is made and that ordinarily, by itself, cannot be consideration for a later promise to pay for the act
accord and satisfaction
a common means of settling a disputed claim, in which a debtor offer to pay a lesser amount than the creditor purports to be owed. The creditor's acceptance of the offer creates an accord (agreement), and when the accord is executed, satisfaction occurs
release
a contract in which one party forfeits the right to pursue a legal claim against the other party
covenant not to sue
an agreement to substitute a contractual obligation for some other type of legal action based on a valid claim
promissory estoppel
a doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies; such a promise is binding if justice will be better served by the enforcement of the promise
estopped
barred, impeded, or precluded