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Business Law Today 7
Chapter 7
| Question | Answer |
|---|---|
| Acceptance | A voluntary act by the offeree that shows assent, or agreement, to the terms of an offer; may consist of words or conduct. |
| Accord And Satisfaction | A common means of settling a disputed claim, whereby a debtor offers to pay a lesser amound than the creditor purports is owed. |
| Agreement | A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events- an offer by one party to form a contract and acceptance of the offer by the person to whom the offer is made. |
| Bilateral Contract | A type of contract that arises when a promise is given in exchange for a return promise. |
| Consideration | Generally, the value given in return for a promise; involves two elements - the giving of something of legally sufficient value and a bargained-for exchange. |
| Contract | An agreement that can be enforced in court; formed by two or more competent parties who agree, for consideration, to perform or to refrain from performing some legal act now or in the future. |
| Counteroffer | An offeree's respons to an offer in which the offeree rejects the original offer and at the same time makes a new offer. |
| Covenant Not To Sue | An agreement to substitute a contractural obligation for some other type of legal action based on a valid claim. |
| Estopped | Barred, impeded, or precluded. |
| Executed Contract | A contract that has been fully performed by both parties. |
| Executory Contract | A contract that has not yet been fully performed. |
| Express Contract | A contract in which the terms of the agreement are stated in words, oral or written. |
| Forbearance | The act of refraining from an action that one has a legal right to undertake. |
| Formal Contract | A contract that by law requires a specific form, such as being executed under seal, for its validity. |
| Implied-In-Fact Contract | A contract formed in whole or in part from the conduct of the parties. |
| Informal Contract | A contract that does not require a specified form or formality to be valid. |
| Liquidated Debt | A debt for which the amount has been ascertained, fixed, agreed on, settled, or exactly determined. |
| Mailbox Rule | A rule providing that an acceptance of an offer becomes effective on dispatch, if mail is, expressly or impliedly, an authorized means of communication of acceptance to the offeror. |
| Mirror Image Rule | A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed. |
| Offer | A promise or commitment to perform or refrain from performing some specified act in the future. |
| Offeree | A person to whom an offer is made. |
| Offeror | A person who makes an offer. |
| Option Contract | A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period, the offeree can accept or reject the offer without fear that the offer will be made to another person. |
| Past Consideration | An act that takes place before the contract is made and that ordinarily, by itself, cannot be consideration for a later promise to pay for the act. |
| Promise | An assertion that something either will or will not happen in the future. |
| Promisor | A person who makes a promise. |
| Promissory Estoppel | A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise. |
| Quasi Contract | A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another. |
| Release | A contract in which one party forfeits the right to pursue a legal claim against the other party. |
| Rescission | A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties, by the parties' conduct, or by court decree. |
| Revocation | In contract law, the withdrawal of an offer by an offeror. |
| Unenforceable Contract | A valid contract rendered unenforceable by some statue or law. |
| Unilateral Contract | A contract that results when an offer can be accepted only by the offeree's performance. |
| Valid Contract | A contract that results when the elements necessary for contract formation are present. |
| Void Contract | A contract having no legal force or binding effect. |
| Voidable Contract | A contract that may be legally avoided at the option of one or both of the parties. |
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nicholashagler
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