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24 Cards in this Set
- Front
- Back
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contract
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a voluntary exchange of promises, creating obligations, which if defaulted on can be enforced and remedied in the courts
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formal contract
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an agreement under seal
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simple contract
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written or verbal agreement
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express contract
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clear verbal or written statement of an agreement
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implied contract
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an agreement inferred from the conduct of the parties
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valid contract
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a legally binding agreement
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void contract
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not a legally binding agreement because an essentail ingredient is missing
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voidable contract
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oneof the parties has the option to end the contract
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illegal contract
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one that is unenforceable because it has an unlawful purpose
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bilateral contract
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a contract in which both parties assume an obligation
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unilateral contract
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a promise that becomes binding only when someon voluntarily completes the required act
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consensus
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when both parties understand and agree to the terms of a contract
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offer
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a tentative promise to do something if another party fulfills what the first party requests
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invitation to treat
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invitation to engage in the bargaining process
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counteroffer
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a subsidiary contract in which seperate consideration is given to the offerer in excahnge for a commitment to keep the offer open for a specific length of time
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option agreement
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a subsidiary contract in which separate consideration is given to the offerer in exchange for a commitment to keep the offer open for a specific length of time
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acceptance
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when one party agrees to the terms of the offer made by another
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post box rule
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mailed acceptance is effective when and where it is dropped into a mailbox
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revocation
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withdrawl of an offer before acceptance, must be communicated to the offeree
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consideration
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the price one is willing to pay for promise set out in the offer
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gratuitous promise
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a one-sided deal that the courts will not enforce
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past consideration
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something completed before an agreement is made is not valid consideration
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illegal conseration
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a promised payment to commit an unlawful act is not valid consideration and wil not be enforced by a court
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promissory estoppel
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or equittable estoppel - when party A makes bare promise relieveing party B of some obligation, then chagnes mind and sues to enforce original obligation, B can successfully defend on basisi of promisory estoppel
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