term1 Definition1term2 Definition2term3 Definition3
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Contract
An agreement, oral or written, that can be enforced in court.
Uniform Commercial Code (UCC)
Orginally drafted by the National Conference of Commissioners on Uniform State Law, it governs commercial trasactions and has been adopted by all states, entirely or in part.
Offer
In contract law, an indication of a firm desire to enter into an agreement, sufficiently definite that once accepted a contract is formed.
Acceptance
In contract law, an act by the offeree indicating agreement to be bound to the contract.
Consideration
Anything of value; it must be present for a valid contract to exist, and each side must give consideration.
Voidable
A valid contract that can be set aside at the option of one of the parties.
Void
A contract that is invalid even if it is not repudiated by either party.
Undue influence
When one party is in a position of trust and misuses that trust to influence the actions of another.
Adhesion contract
A contract formed where the weaker party has no realistic bargaining power. Typically a form contract is offered on a "take it or leave it" basis.
Unconscionable contract
A contract formed between parties of very unequal bargaining power where the terms are so unfair as to "shock the conscience."
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