| A | B |
|---|
| void agreement | Agreement that is not enforceable by either party. |
| voidable contract | Contract that may be avoided by only one of the parties. |
| counteroffer | Response by offeree, with new terms, which ends the original offer. |
| acceptance | Affirmative response necessary to transform an offer into a contract. |
| capacity | Ability to understand the nature and effects of one's actions. |
| offer | Proposal that expresses willingness of the offeror to enter into a legally binding agreement. |
| contract | An agreement enforceable by law |
| mirror image rule | The acceptance must match the original offer. |
| consideration | The exchange of things of value. |
| legality | This element requires that contracts must not break the law. |
| invitation to negotiate | An advertisement in a newspaper, magazine, or catalog. |
| genuine agreement | When a valid offer is met by a valid acceptance. |
| unenforceable | A contract that a court will not uphold |
