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| a type of that arises when a prommise is given in exchange for a return promise |
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- an agreement that can be enforced in court
- formed by two or more competent parties who agree to perform or to refrain from performing some legal act now or in the future
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| a contract that has not as yet been fully performed |
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| a contract that has not as yet been fully performed |
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| A contract in which the terms of the agreement are stated in words, oral or written |
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| A contract that by law requires a specific form, such as being executed under seal, for its validity |
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| a contract formed in whole or in part from the conduct of the parties (as opposed to an express contract) |
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| a contract that does not require a specified form or formality to be valid |
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| Objective Theory of Contracts |
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| a theory under which the intent to form a contract will be judged by outward, objectives fact as interpreted by a reasonable person, rather than by the party's own secret, subjective intentions |
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| a person to whom an offer is made |
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| a person who makes an offer |
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| an assertion that something either will or will not happen in the future |
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| a person to whom a promise is made |
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| a person who makes a promise |
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- a fictional contract imposed on the parties by a court in which the indorser disclaims any contract liability on the instrument.
- the notion "without recourse" is commonly used to create a qualified indorsement
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| a valid contract rendered unenforceable by some statute or law |
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| a contract that results when an offer can only be accepted by the offeree's performance |
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| a contract that resutls when the elements necessary for contract formation (agreement, consideration, legal purpose, and contractual capacity) are present |
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| a contract having no legal force or binding effect |
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| a contract that may be legally avoided at the option of one or both of the parties |
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| a common means of settling a disputed claim, whereby a debtor offers to pay a lesser amount than the creditor purports is owed |
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| generally, the value given in return for a promise; involves two elements-- the giving of something of legally sufficient value and a bargained-for exchange |
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| an offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer |
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| an agreement to substitute a contractual obligation for some other type of legal action based on a valid claim |
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| barred, impeded, or precluded |
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| the act of refraining form an action that one has a legal right to undertake |
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| a debt for which the amount has been ascertained, fixed, agreed on, settled, or exactly determined |
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| a rule providing that an acceptance of an offer become effective on dispatch, if mail is, expressly or impliedly, an authorized means of communication of acceptance to the offeror |
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| 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 |
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| a contract under which the offere cannot revoke the offer for a stipulated time period |
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| an act that takes place before the contract is made and that ordinarily, by itself, cannot be consideration for a later promiser to pay for the act |
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| a doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifieably relies |
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| a contract in which one party forfeits the right to pursue a legal claim agains the other party |
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| a remedy whereby a contract is canceled and the parties and returened to the positions they occupied before the contract was made |
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in contract law, the withdrawal of an offer by an offereo
*unless the offer is irrevocable, it can be revoked at any time prior to acceptance without liability |
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