Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| A contract in which the terms of the agreement are fully and explicitly states in words, oral or written. Also called a "bilateral" contract. |
|
|
Term
|
Definition
| A contract formed in whole or in part from the conduct of the parties. Also called a "unilateral contract" - the offeree can accept the offer only by completing the contract preformance. |
|
|
Term
|
Definition
| A third party for whose benefit a contract is formed; an intended beneficiary can sue the promisor if such a contract is breached. |
|
|
Term
|
Definition
| A rule providing that an acceptance of an offer becomes effective on dispatched, if mail is, expressly or impliedly, an authorized means of communication of acceptance to the offeror. |
|
|
Term
|
Definition
| A common law rule that requires, for a valid contractual agreement,that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer. |
|
|
Term
|
Definition
| The element of agreement in the formation of a contract. The manifestation of contract parties' mutual assent to the same bargain is required to establish a contract. |
|
|
Term
|
Definition
| A promise or commitment to perform or refrain from performing some specified act in the future. |
|
|
Term
|
Definition
| An act done before the contract is made, which ordinarily, by itself, cannot be consideration for a later promise to pay for the act. |
|
|
Term
|
Definition
| A declaration that something either will or will not happen in the future. |
|
|
Term
|
Definition
| 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. |
|
|
Term
|
Definition
| The withdrawal of an offer by an offeror. Unless an offer is irrevocable, it can be revoked at any time prior to acceptance without liability. |
|
|
Term
|
Definition
| A state statue under which certain types of contracts must be in writing to be enforceable. |
|
|
Term
|
Definition
| One for whose benefit a promise is made in a contract but who is not a party to the contract. |
|
|
Term
| Unconscionable Contract or Clause |
|
Definition
| A contract or clause that is void on the basis of public policy because one party, as a result of his or her disproportionate bargaining power, is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party. |
|
|
Term
| Voluntary Consent (genuinebess of assent) |
|
Definition
|
|
