Term
|
Definition
| a legally enforceable promise |
|
|
Term
|
Definition
| the party to a contract making a promise |
|
|
Term
|
Definition
| the party to a contract to whom a promise is made |
|
|
Term
|
Definition
| a person who is not a party to a contract but who benefits from it and has a legal right to enforce the contract if it is breached by either of the contracting parties |
|
|
Term
|
Definition
| the failure of a party to a contract, without legal excuse, to perform all or part of the contract |
|
|
Term
|
Definition
| the connection or relationship between parties to a contract because they have mutual interests. |
|
|
Term
|
Definition
| one party’s offer and another party’s acceptance of that offer |
|
|
Term
|
Definition
| a legal qualification that determines one’s ability to enter into an enforceable contract |
|
|
Term
|
Definition
| something of value or bargained for an exchanged by the parties to a contract |
|
|
Term
|
Definition
| a contract in which each party promises a performance |
|
|
Term
|
Definition
| a contract in which only one party makes a promise for or undertakes the requested performance |
|
|
Term
|
Definition
| a contract that has been completely performed by both parties |
|
|
Term
|
Definition
| a contract that has not been completely performed by one or both of the parties |
|
|
Term
|
Definition
| a contract that contains both the terms and parties’ intentions, either in writing or orally |
|
|
Term
|
Definition
| an obligation that is not an actual contract but that is imposed by law because of the parties’ conduct or some special relationship between them or because one of them would otherwise by unjustly enriched |
|
|
Term
|
Definition
| a contract that one of the parties can reject (avoid) based on some circumstance surrounding its execution |
|
|
Term
|
Definition
| an agreement that, despite the parties’ intentions, never reaches contract status and is therefore not legally enforceable or binding |
|
|
Term
|
Definition
| a promise that requires some action by the intended recipient to make an agreement |
|
|
Term
|
Definition
| a proposal an offeree makes to an offerer that varies in some material way from the original offer, resulting in rejection of the original offer and constituting a new offer |
|
|
Term
|
Definition
| an agreement to keep an offer open for a stated period, supported by consideration |
|
|
Term
|
Definition
| the second step of an agreement; occurring when an offeree agrees to a proposal or does what the offerer proposed |
|
|
Term
|
Definition
| the act of giving up or the promise to give up a legal right |
|
|
Term
|
Definition
| the performance of the primary, necessary terms of an agreement |
|
|
Term
|
Definition
| a party to a contract who has the basic or minimal ability to do something and the mental ability to understand problems and make decisions |
|
|
Term
|
Definition
| the act of making an injured party whole again |
|
|
