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| A contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. (Restatement Second §1) |
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| An option contract is a promise which meets the requirements for the formation of a contract and limits the promisor’s power to revoke the offer. (Restatement Second §25) |
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A contract in which only one party makes a promise or undertakes a performance.
(Black’s Law Dictionary) |
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| A contract in which each party promises a performance, so that each party is an obligor on that party’s own promise and an obligee on the other’s promise; a contract in which the parties obligate themselves reciprocally, so that the obligation of one party is correlative to the obligation of the other. (Black’s Law Dictionary) |
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| A promise is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promise in understanding that a commitment has been made. (Restatement Second §2) |
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| An apparent promise that is so qualified, or in respect of which such wide discretion is reserved, that the apparent promisor actually makes no binding commitment at all. (Blum) |
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| A promise made in exchange for nothing; a promise not supported by consideration. (Black’s Law Dictionary) |
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| A promise created by law to render a person liable on a contract so as to avoid fraud or unjust enrichment. (Black’s Law Dictionary) |
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| An offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it. (Restatement Second §24) |
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| Acceptance of an offer is manifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer. (Restatement Second §50) |
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| A consideration is something (such as an act, a forbearance, or a return promise) bargained for and received by a promisor from a promisee; which motivates a person to do something. (Black’s Law Dictionary) |
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| Nominal consideration is consideration that is so insignificant as to bear no relationship to the value of what is being exchange. (Black’s Law Dictionary) |
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| Illegal Consideration is consideration that is contrary to law or public policy or prejudicial to public interest. (Black’s Law Dictionary) |
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| Consideration that is fair and reasonable under the circumstances of the agreement. (Black’s Law Dictionary) |
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| Past consideration is an act done or a promise given by a promisee before making a promise sought to be enforced. Past consideration is not consideration for the new promise because it has not been given in exchange for this promise. (Black’s Law Dictionary) |
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| A revocation is the withdrawal of the offer by the offeror. (Professor Alexander) |
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| Terms and conditions printed on the outside of a software package to advise the buyer that by opening the package, the buyer becomes legally bound to abide by the term of the license. (Black’s Law Dictionary) |
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| At-will employment is work for which one has been hired and is being paid by an employer, usually undertaken without a contract and may be terminated at any time by either employer or employee without cause. (Black’s Law Dictionary) |
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| Unjust Enrichment is the retention of a benefit conferred by another, without offering compensation, in circumstances where compensation is reasonably expected. (Black’s Law Dictionary) |
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| Promissory Estoppel is the principle that a promise made without consideration may nonetheless be enforced to prevent injustice if the promisor should have reasonably expected the promisee to rely on the promise and if the promisee did actually rely on the promise to his or her detriment. (Black’s Law Dictionary) |
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Equitable Estoppel is the defensive doctrine preventing one party form taking unfair advantage of another when, though false language or conduct, the person to be estopped has induced another person to act in a certain way, with the result that the other person has been injured in some way.
(Black’s Law Dictionary) |
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| Equitable Estoppel(continued. What are the five elements?) |
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1) there was a false representation or concealment of material facts
2) the representation was known to be false by the party making it, or the party was negligent in not knowing its falsity
3) it was believed to be true by the person to whom it was made
4) the party making the representation intended that it be acted on, or the person acting on it was justified in assuming this intent
5) the party asserting estoppel acted on the representation in a way that will result in substantial prejudice unless the claim of estoppel succeeds) |
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| A covenant is a formal agreement or a promise, usually in a contract. (Black’s Law Dictionary) |
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| Sovereign Immunity is exemption of a government from suit in its own courts without its consent. (Black’s Law Dictionary) |
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| A Fee Simple is an interest in land that, being the broadest property interest allowed by law, endures until the current holder dies without heirs. (Black’s Law Dictionary) |
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| An Exculpatory Clause is a contractual provision relieving a party from liability resulting from a negligent or wrongful act. (Black’s Law Dictionary) |
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| Pre-existing Duty Rule holds that the performance of or promise to perform an existing duty cannot qualify as consideration. (Blum) |
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| Jurisprudence is the study of knowledge about justice. (textbook) |
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| Mirror Image Rule requires an acceptance to match the offer exactly, with no alteration or qualification. If the acceptance deviates from the offer in any way it does not qualify as an acceptance, but is a rejection and possibly a counteroffer. (Blum) |
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