| A | B |
|---|
| Contract | Any agreement enforceable by law. |
| Equity Theory of Contract Law | Courts asked whether the parties to a contract exchanged things of equal value. |
| Will Theory of Contract Law | When asked to settle a contract dispute, the courts would ask whether the parties had a greed to the terms set forth in the agreement. |
| Will Theory of Contract Law | Focused on fee will of each party. |
| Formalist Theory | Relied on the form of agreement. |
| Offer | A proposal by one party to another intended to create a legally binding agreement. |
| Acceptance | The second party's willingness to go along with the first party's proposal. |
| Genuine Agreement | If a vaild offer is met by a valid acceptance. |
| Capacity | The legal ability to enter into a contract. |
| Consideration | The exchange of things of value. |
| Valid | Legally good. |
| Void | Has no legal effect. |
| Unenforceable Contract | One that the court will not uphold because of some rule or law. |
| Voidable Contract | When a party is able to void or cancel a contract for a legal reason. |
| Express Contract | Stated in words that may be oral or written. |
| Implied Contract | Comes about from the actions of the parties. |
| Bilateral Contract | Contains two promises. One parties promise in exchange for the promise of another party. |
| Unilateral Contract | One sided. Contains a promise to only one side of the deal. |
| Oral Contract | Created by word of mouth and comes into existance when people are talking to eachother. |
| Written Contract | Assures both parties that the contract is legal and what exactly it entails. Provides proof of the agreement. |
