| A | B |
|---|
| contract | you should know this definition |
| valid | legally binding contract |
| offer | contract proposal |
| void | no legal effect |
| counteroffer | changed offer |
| bilateral | two promises |
| implied | actions |
| express | oral or written words |
| acceptance | unqualified agreement |
| unilateral | one promise |
| undue influence | improper persuasive pressure |
| material | important fact |
| duress | threat of violence |
| rescind | avoid |
| fraud | deceive |
| misrepresentation | innocent statement that turns false |
| concealment | nondisclosure |
| majority | legal capacity |
| disaffirm | when minors avoid |
| necessaries | necessities |
| guardian | helps an incompetent |
| capacity | ability to contract |
| minor | not yet 18 |
| infancy | minority |
| alien | owes allegiance outside USA |
| ratify | minors approve |
| promissory estoppel | a promise not needing consideration |
| forbearance | refraining |
| consideration | benefits and detriments |
| gift | no consideration is given |
| illusory | appears to bind but does not |
| detriment | give up something |
| unconscionable | ridiculously low consideration |
| benefit | receive |
| gratuitous | free |
| adequacy | normally, the courts don't care about this |
| goodwill | reputation of a business |
| price fixing | competitors set prices |
| license | certain professions need this |
| usury | illegally, high interest rates |
| restrictive covenants | promise not to compete |
| bid | offer to buy or sell goods |
| lottery | legal game of chance |
| restraint of trade | eliminate competition |
| competitive bidding | when you try to get a govt. contract |
| expert | witness who gets paid |
| Blue laws | Sunday contract could be void |
| unenforceable | can't go to court |
| perjury | false statements under oath |
| memorandum | written contract |
| goods | movable items |
| ambiguous | understood in different ways |
| breach | contractual wrong |
| discharge | end |
| accord and satisfaction | contract substitute |
| mutual release | both agree to end |
| tender | offer |
| legal tender | coins and currency |
| reasonable time | suitable extension of time |
| performance | most contracts end this way |
| substantial performance | only minor things remain |
| essence | time is of the ? |
| assignment | transfer a right |
| assignor | party who transfer a right |
| assignee | party who receives a right |
| delegation | transfer duties |
| specific performance | ct. order to do something |
| novation | new party |
| mitigation | stop the damages |
| privity of contract | third party beneficiary |
| damages | court payments |
| nominal | 1$ damages |
| liquidated | agreed upon damages |
| punitive | exemplary damages |
| day before | when you turn your age |
