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| a proposal made manifesting a willingnes to enter into a contract. |
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| the person making the offer. |
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| the person to whom an offer is made. |
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| a response to an offer manifesting a willingness to enter into a contract. It includes the intent to be bound by the terms of the offer. |
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| value paid for the promise. It's the thing of value which is given up by each party to the contract. |
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| a meeting of the minds; both parties to a contract have the same understanding of the terms of the contract and agree to be bound by them. |
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| for the contract to be binding, both parties to the contract must have the legal ability to enter into the contract; 2 criteria - competency of sound mind and age/18 years of age or older. |
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| all contracts must have a legal purpose to be enforceable. The condition of conformity with the law; lawfulness. |
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an ancient law that says some certain contracts need to be in writing and signed to be enforceable;
ex. real property, contracts to purchase, co-signor/answering the debt of another. |
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| a contract which consists of a promise for a promise (2 way promise) |
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| a contract consisting of a promise for performance. A promise is made from one side only. |
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| a contract whose terms are specifically stated by the parties |
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a contract that is inferred from the actions of the party.
ex. restaurant order that you will pay the prices.
emergency room visit for treatment |
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| an obligation imposed by a court of law to achieve equity between the parties; usually to prevent unjust enrichment of one party to the detriment of the other. |
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| This is a remedy. It is the relief you get from a lawsuit. Reasonable compensation that a person should receive based on the benefits the other party has received. |
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| a contract that has been fully performed |
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| This is a contract not yet fully performed |
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| a contract that can be cancelled by one of the parties, but it is not automatically void. |
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| a contract with no legal effect |
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| some problem with the contract and it keeps the court from willing to enforce it. |
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