| A | B |
|---|
| Scope of authority | within the range of acts the organization has authorized him or her to do. |
| counteroffer | generally an offeree accepting an offer must accept it exactly as made. |
| contract | an agreement that courts will enforce. agreement between two parties are the basis for all economic activity. They are all legal link between the individuals and companies producing and consuming goods and services. |
| ratification | action by the party indicating intent to be bound by the contract |
| contractual capacity | is the ability to understand the consequences of a contract |
| disaffirmance | a refusal to be bound by a previous legal commitment. (contracts are considered voidable) |
| legality | agreement to pay someone to commit a crime or tort cannot be a contract |
| minority | ends the day before the birthday of the age set as the age of majority |
| unilateral acceptance | on some offers the offeror requires that the offeree indicated acceptance by performing his or her obligations under the contract |
| firm offers | an offer by a merchant for the sale or purchase of goods stating in a signed writing how long it is to stay open |
| injunction | court order for a person to do or not do a particular act |
| mirror image rule | requires that terms in acceptance must exactly match terms contained in the offer |
| obligation | an act or course of action to which a person is morally or legally bound; a duty or commitment. |
| bilateral acceptance | offer implies that it can be accepted by giving a promise instead of performing the contracted for act |
| court approved contracts | in all states minors cannot void these |
| mirror image rule | it requires that the terms in hte acceptance must exactly match the terms contained |
| damages | monetary award to the injured party to compensate for a loss |
| major commitments | contracts to enlist in the armed services or for educational loans. Marriage contracts as well |
| harm | physical injury |
| proof | evidence |
| contract | agreement that courts will enforce |
| usurious interest | interest above maximum rate |
| Common Law | A law drived from custom and judicial precedent rather than statutes. |
| Ordinances | Local government legislation |
| Acceptance | An agreement to an offer resulting in a contract |
| Disafirm | declare a contract void |
| Contract Breech | When a legal contract is dishonored by one of the parties of the contract. |
