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3.01 Contract Law - Vocabulary (1-15)

First 15 Vocabulary Words

AB
unqualified willingness to along with offer.Acceptance
people who are living in this country but owe allegiance to another.Aliens
something a party was not previously entitled to.Benefit
mistake by two parties.Bilateral Mistake
legal ability to enter into a contract.Capacity
legal ability to enter into a contract.Capacity
exchange of things of value.Consideration
changing terms of initial offer.Counteroffer
any loss suffered.Detriment
overcoming a person’s will by force.Duress
threats to a person’s business.Economic Duress
not doing something that you have a legal right to do.Forbearance
deliberate deception to secure an unfair gain.Fraud
valid offer met by valid acceptance.Genuine Agreement
free agreements.Gratuitous


James B. Dudley High School
NC

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