4002801
| Question | Answer |
| Promise | A declaration by a person to do or not do something |
| Contract | Agreement that can be enforced in court |
| Objective Theory of Contracts | Contracting parties are only bound by terms that can be objectively inferred |
| Bilateral Contract | promise for a promise |
| Unilateral Contract | Promise for an act, only fulfilled when performed |
| Formal Contract | Contract that requires specific form for validity |
| Informal Contract | Contract does not require specific form |
| Express Contract | Terms of agreement are stated in words |
| Implied Contract | Contract formed on conduct of parties |
| Executed Contract | Contract fully performed on both sides |
| Executory Contract | Contract has not been fully performed |
| Valid Contract | Has all four elements (agreement/capacity/consideration/legality) |
| Voidable Contract | Still a valid contract but can be avoided at option of one or both parties |
| Unenforceable Contract | Still a valid contract, however cannot be enforced due to a legal defense |
| Void Contract | No Legal Contract |
| Agreement | Meeting of the minds, includes offer and acceptance |
| Offer | Promise to perform or refrain from an act in the future |
| Revocation | Withdrawal of contract offer by the offeror. Becomes effective when offeree receives notification |
| Option Contract | Offeror cannot revoke offer during certain time frame |
| Counter Offer | Offeree rejects original offer and at the same time makes a new offer |
| Mirror Image Rule | Offeree's acceptance must match offeror's offer to form a valid contract |
| Acceptance | Voluntarily agreeing through words or conduct |
| Mailbox Rule | Acceptance takes effect when offeree sends communication to offeror |
| E-Contract | Contract that is formed electronically |
| Forum-Selection Clause | Provision in contract designating jurisdiction for trial |
| Click-On Agreement | Agreement that arises when online buyer clicks the "I agree" box |
| Shrink Wrap Agreement | Agreement whose terms are expressed in document located in a packaged box |
| Record | Information inscribed in a tangible medium |
| Consideration | Value given in return for a promise |
| Forebearance | Act of refraining from an action that one has legal right to take |
| Recission | Contract is canceled and parties returned to previous positions |
| Past Consideration | Act has already taken place and cannot be used for consideration later |
| Covenant Not to Compete | Contract where one party promises not to compete with another for specific period of time in geographic area |
| Disaffirmance | Legal avoidance of a contract obligation, used by minors |
| Reformation | Court ordered correction of a written contract |
| Unconscionable | Void contract based off that one party was forced to accept unfair or harsh terms |
| Exculpatory Clause | Clause that releases a party from liability, regardless of who is at fault |
| Statute of Frauds | Certain contracts must be in writing or are void |
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