Assignment

Transfering some or all of a person's rights arising under a contract

Delegation

Transfer of a contractual duty to a third party; the party delegation is still responsible for the performance if the third party does not

Exculpatory Clause

Releases a party from liability in the event of of loss/injury, regardless of who is at fault 

Executory Contract

Contract which has not yet been fully performed; opposite of executed contract

Objective Theory of Contracts

The intent to form a contract will be judged by objective facts (outward behavior) rather than subjective intentions (secret motivations)

Promissary Estoppel

A doctrine that applies when a promisor makes a clear and definite promise on which the promisee relies

Rescission

A remedy where a contract is canceled and the parties are returned to the position prior to the contract formation

Revocation

Withdrawal of an offer; must be done before acceptance

Statutue of Frauds

A state statute under which certain types of contracts must be in writing to be enforceable