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| A mutual understanding or meeting of the minds between two or more individuals regarding the terms of a contract. |
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| A type of contract that arises when a promise is given in exchange for a return promise. |
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| The value given in return for a promise or performance in a contractual agreement |
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| A set of promises constituting on agreement between parties. |
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| The legal ability to enter into contracts. |
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| An offenses response to an offer in which the offense rejects the original offer and at the same time makes a new offer. |
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| A contractual promise of one party to refrain from competing with another party for certain period of time and within a certain geographic area. |
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| A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault. |
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| A contract that has been fully performed by both parties. |
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| A contract that has not been fully performed. |
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| A contract in which the terms of the agreement are stated in words, oral or written. |
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| An agreement that by law requires a specific form for its validity. |
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| A contract formed in whole or in part from the conduct of the parties. |
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| A contract that does not require a specific form or method of creation to be valid. |
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| A promise or commitment to perform or refrain from performing some specified act in the future. |
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| A contract under which the offeror cannot revoke the offer for a stipulated time period. |
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| An act that has already taken place at the time a contract is made, and that ordinarily, by itself, cannot be consideration for a later promise to pay for the act. |
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| A declaration by a person to do or not to do a certain act |
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| A court ordered correction of a written contract so that it reflects the true intentions of the parties. |
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| A remedy whereby a contract is concealed and the parties are returned to the positions they occupied before the contract was made. |
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| The withdrawal of a contract offer by the offeror. |
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| A state statute under which certain types of contracts must be in writing or in an electronic record to be enforceable. |
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| A contract or clause that is void on the basis of public policy because one party was forced to accept terms that are unfairly burdensome and that unfairly benefit the stronger party. |
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| A valid contract rendered unenforceable by some statute or law. |
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| A contract that results when an offer can be accepted only by the offenses performance. |
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| A contract that results when the elements necessary for contract formation are present. |
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| A contract having no legal force or binding effect. |
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| A contract that may be legally avoided at the option of one or both the parties. |
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| The act of transferring to another all or part of ones rights arising under a contract. |
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| The failure, without legal excuse, of a promisor to perform the obligations of a contract. |
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| A qualification, provision, or clause, in a contractual agreement. |
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| In a contractual agreement, a condition that must be met before a party's promise because absolute. |
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| Special damages that compensate for a loss that doesn't directly or immediately result from the breach. |
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| The transfer of a contractual duty to a third party. |
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| Impossibility of Performance |
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Definition
| A doctrine under which a party to a contract is relieved of his/her duty to perform when performance becomes impossible of totally impractical. |
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| A third party for whose benefit a contract is formed. |
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| An amount, stipulated in a contract, that the parties to the contract to believe to be a reasonable estimate of the damages that will occur in the event of a breach. |
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| A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant. |
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| An equitable remedy under which a person is restored to his/her original position prior to loss or injury. |
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| An equitable remedy requiring exactly the performance that was specified in a contract. |
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| One for whose benefit a promise is made in a contract but who is not a party to the contract |
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