| A | B |
|---|
| Contract | legally binding agreement between 2 or more competent parties |
| Offeror | person who makes the offer |
| offeree | person who accepts the offer |
| Genuine Assent | an intent to commit a legal agreement |
| Capacity | ability to understand the terms of a contract |
| Consideration | Something of value given to bind a contract |
| Legality | a requirement stating that what parties agree to in a contract must be legal |
| counteroffer | to end an offer by making another offer |
| unilateral contract | promise for an action |
| bilateral contract | promise for a promise |
| express contract | contract that has not been fully performed |
| Implied-in-fact contract | does not have terms expressively stated but they can be inferred by the parties' acts or conduct |
| firm offer | to hold an offer open for up to 3 months |
| option contract | offeree gives offeror something of value in return for a promise to keep the offer open |
| mirror image rule | acceptance must exactly match the terms in the offer |
| acceptance | party to whom an offer has been made agrees to the proposal |
| Implied-at-law/Quasi contract | fiction created by the law to allow the enforcement of a contractual remedy where justice alone warrants such a remedy |
| Revocation | withdrawing an offer before it is accepted |
