| A | B |
|---|
| Acceptance | unqualified willingness by the offeree to go along with the offer |
| Benefits | something that a party was not previously entitled to receive |
| Bilateral | contains two promises |
| Capacity | legal ability to enter into a contract |
| Consideration | exchange of benefits and detriments by the parties to an agreement |
| Counteroffer | any change in the terms of the offer |
| Death | offeror dies |
| Detriments | overcoming a person's free will by use of force or by threat of force or bodily harm |
| Economic Duress | threats to a person's business or income |
| Emancipation | severing of the parent-child relationship |
| Express | contract statement that may be written or oral |
| Firm Offer | a written offer for goods that states the period of times during which the offer will stay open |
| Forbearance | not doing something that you have the right to do |
| Fraudulent Misrepresentation | party to a contract deliberately makes an untrue statement of fact |
| Genuine Agreement (Assent) | a valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree |
| Illusory Promises | clause or wording that allows party to escape from legal obligation |
| Implied | contract that comes about from the actions of the parties |
| Insanity | offeror is declared insane |
| Legality | illegal contracts |
| Mentally Incapacitated | lacking the ability to understand the consequences of his or her contractual acts |
| Mirror Image Rule | terms of acceptance mus match exactly (mirror) the terms of the offer |
| Mutual Mistake (Bilateral Mistake) | both parties are mistaken about an important fact |
| Nominal Consideration | token amount in a written contract where either the parties cannot or do not wish to state the amount |
| Offer | proposal by one party with intent to create a legal binding agreement |
| Offeree | offer made to this person |
| Offeror | makes the offer |
| Option | the offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time |
| Oral | created by two or more people speaking to each other |
| Past Performance | an act that has already been performed cannot be consideration in a contract |
| Price Fixing | competitors agree on certain price ranges within which they will sell their products |
| Rejection | refusal by the offeree |
| Restrictive Covenant | agreement not to compete in a region for a period of time |
| Revocation | taking back of an offer by offeror |
| Statute of Frauds | requires that certain contracts be in writing to be enforceable |
| Unconscionable | so grossly unfair or oppressive that it would shock the conscience of the court |
| Undue Influence | unfair and improper persuasive pressure within a relationship of trust |
| Unenforceable Contract | contract that court will not uphold, usually because of some rule of law |
| Unilateral | contains a promise by only one person to do something if, and when, the other party performs a certain act |
| Unilateral Mistake | an error on the part of one of the parties |
| Usury | charging too high of an interest rate |
| Valid Contract | includes all elements recognized by the courts |
| Voidable Contract | one or more parties can get out of contract for some legal reason |
| Written | contract terms are written so that both parties know the exact terms |
