| A | B |
|---|
| Firm Offer | A merchant's written promise to hold an open order. |
| Bilateral contract | A contract the consideration for which is a binding promise given by each party. |
| Rescission | A remedy that requires that each party return what it got from each other. |
| Material Breach | A failure of contractual performance. |
| Voidable Contract | A contract that binds one party but allows the other party to withdraw legally. |
| Condition precedent | A future uncertain event that must occur before performance is due. |
| Accord and satisfaction | Settlement and payment of a disputed debt by mutual agreement. |
| Assignment | A transfer of contractual rights. |
| Executory Contract | A contract the parties have not yet performed. |
| Parol evidence rule | The doctrine that prohibits use of oral evidence to alter or vary the terms of certain written contracts. |
| Quasi-Contract | A recovery based on unjust enrichment. |
