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| an assertion that something either will or will not happen in the future |
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| 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 futute |
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| a meeting of two or more minds in regard to the terms of a contract, usually broken down into two events: an offer and an acceptance |
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| a promise or commitment to do or refrain from doing some specified act in the future |
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| in contract law, the withdrawal of an offer by an offeror; unless the offer is irrevocable, it can be revoked at any time prior to acceptance without liability |
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| an offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer |
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| 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 |
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| a voluntary act by the offeree that shows assent, or agreement, to the terms of an offer; may consist of words or conduct |
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| a rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox), if mail is expressly or impliedly an authorized means of communication of acceptance to the offer |
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| generally, the value given in return for a promise. the consideration must be something of legally sufficient value, and there must be a bargained-for exchange |
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| a contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. courts commonly enforce such covenants if they are reasonable in terms of time and geographic area and are part of, or supplemental to, a contract for the sale of a business |
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Definition
| a term used to describe a contract or clause that is void on the basis of public policy because one party, as a result of disproportionate bargaining power, is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominant party |
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