Term
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Definition
| An agreement between two or more parties that imposes some kind of obligation or responsibility on each |
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Term
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Definition
| Whether the contract results in the action required of each of the parties |
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Term
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Definition
| Whether the courts will lawfully be able to enforce it |
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Term
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Definition
| All parties involved must have a mutual understanding of the context and content of their agreement. Enforceability depends on this. |
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Term
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Definition
| Contracts are created when one or more parties makes this plus a proposal |
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Term
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Definition
| When an offer is agreed upon as stated by the other party(ies) |
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Term
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Definition
| Accepts different terms or proposes different terms |
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Term
| To have a legally enforceable contract, there must be some form of this (2 things) |
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Definition
1.) Consideration
2.) Specificity of Terms |
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Term
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Definition
| Something of value must be exchanged |
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Term
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Definition
| All aspects of the contract must be exactly spelled out |
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