| A | B |
|---|
| Oral Contract | type of contract determined through conversation |
| Written Contract | needed when agreements are complicated |
| Expressed Contract | a very specific, clear cut agreement |
| Implied Contract | agreement determined by the action of the parties or circumstance |
| Unilateral Contract | agreement where only one party needs to fulfill a promise |
| Bilateral Contract | agreement where all parties fulfill promises |
| Valid Contract | any form of a contract that is legally binding |
| Voidable | a valid contract that can be cancelled |
| Rescind | the act of voiding a voidable contract |
| Void Contract | agreement that has no legal effect |
| Contract | any type of agreement that is legally binding |
| Offer | an proposed exchange or bargain |
| Offeror | the one making the offer |
| Offeree | the one receiving the offer |
| Test of the reasonable person | used to determine whether an offer is valid |
| Revocation | withdrawing an offer before it is accepted |
| Counteroffer | to change the original terms of an agreement |
| Acceptance | the agreement to the terms of the offer by the offeree |
| Consideration | what the offeror demands in the agreement |
| Capacity to contract | ability to understand the consequences of a contract |
| Minor | can only make a voidable contract due to age |
| Ratification | when an ex-minor accepts the terms of an agreement |
| Unconscionability | made to agree to a contract that no other reasonable person would |
| Legality of Contracts | determining whether a contract involves illegal acts |
| Price Fixing | competitors agreeing to charge the same price |
| Resale Price Maintenance | manufacturers forcing retailers to charge a certain price |
| Allocation of Market | competitors dividing area markets between themselves |
| Covenants Not to Compete | prohibiting a person from starting a similar business |
