| A | B |
|---|
| A valid contract | A contract that is legally binding and fully enforceable. |
| An Offer | A proposal made by one party that he or she is willing to enter a contract. |
| A void Contract | A contract that has no legal effect. |
| An implied in fact contract | A contract that comes about by the acts of the parties. |
| An Acceptance | An unqualified agreement by the offeree to be bound by the offer. |
| A contract | Any agreement that is enforceable by law. |
| A counteroffer | An offer that has been changed by the offeree. |
| An express contract | A contract stated in oral or written words. |
| A bilateral contract | A contract in which both parties make promises. |
| A unilateral contract | A contract in which one party make a promise in exchange for an act. |
